What is Mary Barra's Net Worth and Salary?
Mary Barra, a prominent American businesswoman, has a net worth of $90 million. She currently serves as the chair and CEO of General Motors, having succeeded Daniel Akerson in 2014. This appointment made her the first female CEO of a 'Big Three' automaker. Prior to becoming CEO, Barra was GM's executive vice president of global product development, purchasing, and supply chain.
Compensation and Stock Holdings
In her first decade as CEO, Barra earned $200 million in total compensation, which includes salary, bonuses, benefits, and equity grants. Her base salary is approximately $2 million, but her annual earnings typically range from $20-30 million. In 2020, for instance, her compensation package was worth $23.7 million, comprising a $2 million salary, $13.1 million in stock awards, $3.75 million in options, and a $3.78 million performance award. In 2021, she earned $29,136,780, including a $2.1 million salary, a $7.64 million bonus, $3.94 million in stock options, and $14.6 million in stock awards. By 2022, her total compensation stood at $28,979,570, with a $2.1 million salary, a $6,258,000 bonus, $4,875,010 in stock options, and $14,625,000 in stock awards. Other forms of compensation amounted to $1,121,560 that year.
Barra owns at least 1,127,563 units of General Motors (GM) stock. As of September 30, 2023, GM's total number of shares outstanding was approximately 1.378 billion. Based on these figures, Barra's ownership represents around 0.082% of GM's total outstanding shares.
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Early Life and Education
Mary Barra was born Mary Makela on December 24, 1961, in Royal Oak, Michigan. She is of Finnish descent and the daughter of Eva and Ray Makela. For her higher education, Barra attended the General Motors Institute (now Kettering University), where she graduated in 1985 with a Bachelor of Science degree in electrical engineering. She later attended the Stanford Graduate School of Business on a GM fellowship, earning her Master of Business Administration degree in 1990.
General Motors
Barra's career at General Motors began in 1980 as a co-op student, checking fender panels and examining hoods. Over the years, she held a variety of engineering and administrative positions, including managing the Detroit/Hamtramck Assembly plant. In early 2008, after decades with the company, she became vice president of GM's global manufacturing engineering division. She was promoted to vice president of global human resources in 2009, and in 2011, she became executive vice president of global product development. Barra's responsibilities were expanded in 2013 to include global purchasing and supply chain.
In early 2014, Barra was appointed CEO of GM, succeeding Daniel Akerson, thus becoming the first female CEO of a 'Big Three' automaker. During her first year, GM faced scrutiny over numerous safety recalls due to faulty ignition switches, leading to new policies encouraging employees to report issues. Barra has been instrumental in steering GM towards driverless and electric vehicles, including acquiring the driverless technology startup Strobe.
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Board and Council Positions
Beyond her tenure at GM, Barra holds numerous board and council positions. She is a board member of the Detroit Economic Club and Detroit Country Day School, a trustee of Stanford University and its Graduate School of Business Advisory Council, Duke University, and sits on the board of Disney. In 2022, Barra was appointed to the Homeland Security Advisory Council.
Honors and Awards
Barra's contributions to the business world have earned her numerous accolades. She has frequently been named Fortune magazine's Most Powerful Woman and was fourth on Forbes' Most Powerful Women list in 2018. Additionally, Barra received the Yale Chief Executive Leadership Institute's Legend in Leadership Award in 2018. In 2021, she was in the Time 100 and Forbes' inaugural 50 Over 50 list. She has also been honored with the Larry Foster Award for Integrity in Public Communication at the Arthur W. Page Center Awards, and holds honorary degrees from the University of Michigan and Duke University.
Personal Life
Mary Barra is married to consultant Tony Barra, who she met when they were students at the General Motors Institute. The couple has two children and resides in Northville Township, a suburb of Detroit, Michigan. Barra also owns an apartment in Downtown Detroit.
