General Motors CEO Mary Barra earned $29.5 million in total compensation in 2024, a 6% increase from the previous year, after meeting key performance targets and steering the company to record financial results. According to GM’s annual executive compensation report submitted to the SEC, Barra’s pay was 310 times higher than the company’s median employee compensation of $95,111.
Barra’s pay package, the highest among Detroit’s Big Three CEOs, reflects her leadership through a year of significant profitability and stock growth. GM shares rose 50% in 2024, a performance attributed by the company’s Compensation Committee to strong execution in both internal combustion operations and early gains from strategic investments in EVs and software.
The compensation breakdown includes a $2.1 million base salary (unchanged since 2017), $19.5 million in stock awards, $6.6 million from incentive-based plans, and $1.2 million in additional compensation covering benefits, insurance, and company vehicles.
GM’s board credited Barra’s strategic direction for the automaker’s financial health, particularly her ability to balance legacy vehicle operations while advancing EV and tech development. While Barra’s 2023 pay declined 4% due to missed shareholder value goals, the 2024 package indicates a strong rebound.
In contrast, Ford CEO Jim Farley received $24.9 million, down 6.1% from 2023, after failing to meet several internal quality goals. Despite improvements in recall performance compared to past years, Ford continued to face quality control challenges.
Meanwhile, former Stellantis CEO Carlos Tavares, who stepped down in late 2024, was awarded $24 million—well below his $39.5 million total from 2023. Although Stellantis posted a $5.8 billion profit for the year, it suffered a $133 million loss in the second half, impacting executive payouts.
