GM boss Mary Barra's $21.6M salary last year was actually a pay cut

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General Motors CEO Mary Barra received a compensation package worth $21.6 million in 2019, 1.1 percent less than the previous year, according to the US automaker’s proxy statement released on Monday.

Barra’s pay package included a salary of $2.1 million, stock awards worth $12.14 million, options worth more than $3.5 million and a performance award worth $2.73 million, according to the proxy. Her salary remained unchanged from 2018, while her performance award was 38.7 percent lower from 2018.

Barra’s total compensation package was valued at $21.63 million, below the $21.87 million she received in 2018. Barra, GM’s chairman and CEO, was paid $21.96 million in 2017.

GM said Barra’s pay was 203 times that of the median company employee.

The company on Monday suspended its quarterly cash dividend on its common stock and its share buybacks to save cash in the face of the coronavirus crisis that has severely hurt global automobile sales.

GM, which has been forced to shut some production in North America along with other carmakers, had also said last month that compensation of board members will be reduced by 20 percent, while executives will see a cut of 25 percent to 30 percent.

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