GM CEO Mary Barra Earns $29.9M Despite $7.9B EV Write-Down as Detroit Automakers Struggle with Electric Transition

Detroit’s top automakers faced billions in losses tied to their electric vehicle (EV) strategies in 2023, yet executives at General Motors, Ford, and Stellantis still received substantial pay increases. The disconnect between financial performance and executive compensation has drawn scrutiny as the industry navigates the costly transition to EVs.

General Motors: Barra’s $29.9M Pay Despite $7.9B EV Write-Down

General Motors (GM) reported a $7.9 billion non-cash write-down related to its scaled-back EV spending in 2023. Despite this financial setback, regulatory filings reveal that CEO Mary Barra earned a total compensation of $29.9 million—a 1.4% increase from the prior year.

Barra’s compensation package included a base salary of $2.1 million, an 11% rise in stock awards totaling $21.6 million, and a 26% drop in non-equity incentive plan compensation to approximately $5 million. Interestingly, Barra was not GM’s highest-paid executive in 2023. Chief Product Officer Sterling Anderson received $40.3 million, primarily due to a lucrative hiring bonus after joining GM from Aurora Innovation, a self-driving technology startup he co-founded.

Other GM executives also saw compensation increases. President Mark Reuss earned $19.3 million (a 4.6% rise), while Chief Financial Officer Paul Jacobson received $13.8 million, a 5.5% increase.

Ford’s $19.5B Write-Offs and Executive Pay Hikes

Ford reported $19.5 billion in write-offs in 2023 as it overhauled its EV strategy. To meet electrified vehicle sales targets, the company revised its bonus payout rules to include hybrids alongside EVs. This adjustment allowed CEO Jim Farley to secure an 11% pay increase, bringing his total compensation to $27.5 million—despite Ford’s $8.2 billion loss, its worst since 2008.

"Farley’s pay reflects overall performance, including a 42% total shareholder return, which beat the market and peers, as well as record revenue," a Ford spokesperson told the Wall Street Journal.

The spokesperson also noted that Ford did not exclude unexpected costs, such as tariffs, when calculating bonuses. The company emphasized the importance of a "broader portfolio of electrified powertrains, including hybrid vehicles."

Stellantis Faces $26.2B Hit, Yet CEO’s Pay Stands at $6.37M

Stellantis, the parent company of brands like Jeep, Ram, and Dodge, reported a $26.2 billion non-cash impairment charge for over-investments in electric vehicles. Despite this massive financial hit, CEO Antonio Filosa earned $6.37 million in total compensation for 2023. Notably, Filosa served as CEO only for the second half of the year.

Executive Pay Rises Amid EV Strategy Challenges

The disconnect between automakers’ financial struggles and executive compensation raises questions about accountability. While Detroit’s top automakers grapple with the high costs of transitioning to EVs, leadership continues to be rewarded for broader performance metrics, including shareholder returns and revenue growth.