BrightDrop EV600 Forum banner

GM will start tying executive compensation to EV targets

1632 Views 0 Replies 1 Participant Last post by  ElectricAvenue
Blue Gesture Spokesperson Jewellery Speech

General Motors has announced that a large portion of its executive compensation will be tied with the company's success with EV sales and EV launch targets.

CEO Mary Barra apparently made the announcement during GM's Q1 earnings call.

DETROIT – General Motors will begin tying a “significant part” of its long-term executive compensation with the company’s electric vehicle goals, CEO Mary Barra said Tuesday.

Starting this year, Barra said the compensation targets will include volumes of EVs in North America as well as launch timing and quality for such vehicles.

GM plans to increase its production of electric vehicles to 2 million in North America and China by 2025, as it moves to exclusively sell EVs by 2035. The company has also said it plans to become the top-selling automaker of EVs, surpassing Tesla, by mid-decade. By then, Barra on Tuesday said GM expects to generate $50 billion from EVs in North America.

“At GM, our compensation has always been driven by the company’s success. And no one should doubt our commitment to lead in EVs or the passion our team has for that mission,” Barra said during the company’s first-quarter earnings call.

The Detroit automaker has faced increased pressure from Wall Street to transition to electric vehicles in the wake of industry leader Tesla’s rise to become the top-valued automaker at a market cap of more than $900 billion.

Barra said the new compensation benchmarks are meant to underscore the company’s commitment to EVs. Further details about the EV compensation targets are expected in the company’s upcoming proxy filing, which Barra said will be filed Friday.

In 2020, Barra’s compensation package was $23.7 million, including a base salary of about $2 million and stock awards of $13 million.
See less See more
1 - 1 of 1 Posts
1 - 1 of 1 Posts
This is an older thread, you may not receive a response, and could be reviving an old thread. Please consider creating a new thread.