Mary Barra, President and CEO of General Motors speaks during a meeting hosted by US President Joe Biden with private-sector CEOs to discuss the Build Back Better agenda at the White House in Washington, DC. Washington, USA, January 26, 2022.
Kevin Lamarque | Reuters
DIGEST – Synthetic engine Chief Executive Officer Mary Barra said it would begin to tie a “significant portion” of long-term executive compensation to the company’s electric vehicle goals.
Starting this year, Barra said the compensation goals will include the volume of electric vehicles in North America as well as the launch times and quality for those vehicles.
“At GM, our compensation has always been driven by the success of the company. And no one can doubt our commitment to leadership in electric vehicles or the passion our team has. I’m dedicated to that mission,” Barra said during the company’s operations first quarter earnings call.
The Detroit automaker has faced growing pressure from Wall Street to transition to electric vehicles in light of industry leaders’ assessment. Tesla’s rose to become the most valuable automobile manufacturer with a market capitalization of more than 900 billion USD.
Barra said the new compensation standards are meant to underscore the company’s commitment to electric vehicles. More details on EV compensation targets are expected in the company’s upcoming authorization filing, which Barra said will be filed on Friday.
In 2020, Barra’s compensation package is $23.7 million, which includes a base salary of about $2 million and a stock award of $13 million.
