Meet Mary Barra, the Chief Executive Officer (CEO) of General Motors Co. Her responsibilities include leading one of the largest automaker organizations in the U.S.
As one of the top leading women in business; we wanted to highlight more about her career successes and what future plans she has for GM. We also found how much Barra earns in her pivotal corporate leading role.
What the GM CEO makes in a year
Reuters reported the compensation package details for General Motors Co’s top executive, Mary Barra. The GM CEO earned almost $22 million in 2018, which is slightly less than her earnings for the year prior. The proxy statement, released earlier last year by GM, provided the details.
Barra’s total package included a salary of $2.1 million, which mirrors her base earnings for 2017. She also is entitled to $11.1 million in stock awards, additional options worth another $3.4 million, as well as a performance award almost worth an extra $4.5 million. This compensation package means Barra is GM’s highest-paid leader in the company.
Mary Barra’s career path in review
Mary Barra is not only the first woman CEO for General Motors Co., but is also the first female executive to lead any major automaker. She started her journey with GM as an 18-year-old intern back in 1980 and has worked her way through the ranks, and various titles, to earn her current executive title.
She earned her M.B.A. in 1990 and, by 2003, held a plant manager position in the Detroit Hamtramck assembly plant. Within 10 years of that position, she ranked 35th in the Forbes roster of most powerful women. By 2016, Forbes listed Barra as number one on the Fortune’s list of most powerful women.
She was even elected to sit on the board of directors for The Walt Disney Co, in 2017. Some say her lifelong career history in the automotive industry, and GM specifically, makes her the perfect candidate for CEO leadership responsibilities.
A look at some of the personal details for the GM CEO
Mary Barra was born on December 24th in 1961 in Waterford, Michigan. Before marrying her husband, Tony Barra, her maiden name was Mary Teresa Makela. Her father, Ray Makela, was actually a factory worker at General Motors Co. So, Mary Barra grew up with exposure to the automotive industry. She and her husband Tony have two children, Nicholas and Rachel.
How has Mary Barra been doing in her current CEO role?
The GM CEO’s performance evaluation may vary, depending on the opinion of supporters versus critics. What we can say is Mary Barra has, in recent years, invested billions in furthering GM’s plans for electric vehicles, self-driving cars, and a ride-share service segment they call Maven. Last fall, she worked diligently with the United Auto Workers union to end their 40-day strike and walkout.
Future plans as CEO of GM
Some experts point out that GM and the automotive industry as a whole may be facing declines in demand for 2020. With declining sales in China and the political movement to impose tariffs at the presidential administrative level, we expect Mary Barra to be preparing to steer the GM ship to profitability through the impending rough waters.
The explosion of electric vehicles and self-driving transportation may be the primary focus for 2020. As the automotive landscape transitions to embrace alternatives to gas power and combustion engines, the leading automaker will be expected to lead the charge.
Mary Barra has her work cut out for her as the CEO of GM. Based on her credentials and history with the company, there probably isn’t anyone else better qualified to do it. And she may very well be worth every penny of her lofty compensation.