General Motors Co. GM -0.93 % said Friday Chief Executive Mary Barra earned $ 28.6 million in total compensation during her second year at the company’s helm, representing a 77% increase over the $ 16.2 million earned in 2014 as demand for GM’s pickup trucks and large SUVs powered record profits and sales.
The Detroit auto maker’s 2015 executive compensation details, outlined in an annual proxy report filed Friday with the Securities and Exchange Commission, also reveal the board of directors rewarded Ms. Barra and other senior executives with stock option grants in July to secure non-compete agreements. Ms. Barra received a $ 11.2 million option award under this agreement at a strike price of $ 31.32.
Ms. Barra’s base salary in 2015 was $ 1.75 million, up from $ 1.57 million in 2014.
Ms. Barra was named chairman in addition to her executive duties in January, replacing Tim Solso in that role. Mr. Solso remains on GM’s board.
GM recently traded at $ 32.45, down modestly from the prior day’s closing price. The auto maker said Thursday first-quarter net profit more than doubled to $ 2 billion even amid cooling conditions in some key markets, and projected healthy results for 2016.
Ms. Barra steered past an ignition switch safety crisis that clouded her early days in the top job, and the company emerged with stronger margins and a slate of new product launches over the past 18 months. GM has used the cash flow generated by its strong sales to fund a number of forward-looking technology investments, including a partnership with the ride-hailing service Lyft Inc. and the acquisition of startup Cruise Automation Inc., which is developing driverless-car technology.
GM chief financial officer Chuck Stevens earned $ 8.1 million in 2015, the company said, while president Dan Ammann earned $ 11.8 million and executive vice president for product Mark Reuss earned $ 10.2 million.
Write to Gautham Nagesh at [email protected]