The fact that General Motors named Mary Barra as its first female CEO on January 15th was a big deal. President Obama even mentioned her in his State of the Union, calling her “the daughter of a factory worker [who] is CEO of America’s largest automaker” and inspiring a rare moment of bipartisan applause.
But according to Fox Business News, this “big deal” may not be quite as impressive as it seemed on announcement: after crunching the numbers, Elizabeth McDonald found that Barra’s $4.4. million compensation package would only amount to 48% of what former CEO Dan Akerson made in 2013 (note: these numbers include stocks and other “incentives” well beyond base salary).
That’s not all: GM retained Akerson as a “senior advisor” who will earn $4.68 million in 2014—so based on current numbers, the former CEO will still make more than the current CEO. This may well be the first time we’ve seen a Fox outlet criticize the White House for not going far enough with its gender inequality messaging.
It doesn’t look good for GM, but some major caveats apply.