General Motors chief executive Mary Barra earned a staggering $27.8 million in 2023 but that was not enough for her to retain the crown as Detroit’s highest-paid automotive executive. Instead, Stellantis boss Carlos Tavares took the top position with $39.491 million.
Barra has long been the city’s highest-paid automotive executive but her total compensation fell 4% from $28.97 million in 2022 due to a reduction in her bonus payout. She retained the same $2.1 million base salary she had the previous two years and also received a $5.25 million incentive-based bonus. She also received $14.62 million in stock options.
Read: Stellantis Boss Rejected Chinese Offer To Buy One Of Its French Brands
A key reason why Barra’s total compensation package marginally declined in 2023 is that since 2022, her compensation has been tied to hitting electric vehicle goals. The carmaker has struggled to reach some of these targets as the entire EV market has slowed.
While the boss of GM saw her compensation fall, the same cannot be said about the head of Stellantis, Carlos Tavares. His total compensation soared 56% from 2022 to $39.491 million, Detroit News reports. While that’s a staggering amount, Stellantis did post a record $20 billion net profit in 2023, an 11% increase from 2022 thanks primarily to higher price points across foreign markets for its vehicles.
Earlier this month, Stellantis shareholders voted 70% in favor of Tavares’ record-breaking pay package in a non-binding vote, despite pleas from some advisory firms to vote against it. New for 2023 was an incentive worth €10 million ($10.7 million) tied to meeting electrification and software goals across the Stellantis group.
Ford chief executive Jim Farley also earned a substantial sum in 2023, walking away with nearly $26.5 million, including a $1.7 million base salary and valuable stock awards worth $20.3 million. His total compensation amounted to 312 times the median annual total compensation of all Ford employees in 2023.
