GM confirms chief executive’s salary

<p>Mary Barra will be paid $14.4 million during 2014, GM has announced.</p>

The share price of General Motors has fallen after the company revealed the salary its chief executive Mary Barra is set to be paid during 2014.

GM stated that Ms Barra, who is one of the most high profile women in the business world, is going to be paid $14.4 million (£8.77 million) for the year.

Chairman Tim Solso stated that the salary that is being awarded to the firm's chief executive is "in line with her peer group and properly weighted so that most is at-risk". He added: "The company's performance will ultimately determine how much she is paid."

Ms Barra's pay for the full year will be made up of a salary of $1.6 million, while the short-term incentive compensation she can also pick up was revealed to be $2.8 million and the long-term compensation she also has a chance to earn stands at $10 million.

Pay rise

GM confirmed that the total amount of $14.4 million that could be earned by Ms Barra over the course of the year is a significant increase compared to what her predecessor was paid. The firm stated that Dan Akerson, who stepped down from the role in January, received 60 per cent less than the total Ms Barra could take home by the end of the year.

During yesterday's (February 10th) trading session in the US, the share price of GM slipped by 3.35 per cent. And in after-hours trading on the New York Stock Exchange, stocks in the company fell even further, with a 0.06 per cent decrease in their value recorded.

The share price of the firm is now likely to open at around the 34.88 mark later in the day, which is some distance away from the company's recorded 52-week high of 41.85.

Earlier in the month, GM subsidiary Chevrolet presented Super Bowl XLVIII Most Valuable Player Malcolm Smith with a 2014 Chevrolet Silverado High Country following his performance in the Seattle Seahawks' 43-8 win over the Denver Broncos.

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