The Detroit Free Press just published compensation figures for the CEOs of GM, Ford and Fiat-Chrysler. And let’s just say: if you’re a Bernie Sanders supporter, you might want to look away.
Big money, folks. That’s what the big three’s CEOs are raking in these days. Today, the Detroit Free Press published compensation figures for GM’s CEO Mary Barra, Fiat Chrysler’s CEO Sergio Marchionne, and Ford’s CEO Mark Fields.
The article doesn’t specify that these are annual sums, but common sense says that they most likely are. Have a look at the numbers. They’re overwhelming:
Mary Barra:
Salary: $1.75 million
Bonus: $0
Stock awards: $12 million
Option awards: $11.2 million
Non-equity incentives plan: $3.1 million
Change in pension value: $12,012
All other compensation: $597,118
Total: $28.6 million
Mark Fields
Salary: $1.75 million
Bonus: $0
Stock awards: $12.1 million
Option awards: $0
Non-equity incentive plan: $3.5 million
Change in pension value: $858,157
All other compensation: $370,451
Total: $18.6 million
Sergio Marchionne
Salary: $4 million
Bonus: $6.85 million
Stock awards: $62.7 million
Total: $73.6 million
Freep admits that often times, there’s a lot of cash “hidden” from the numbers companies choose to disclose. For example, deferred money and other incentives and perks may not be accounted for.
They also add that execs can’t turn stock awards and options into money right away, as that compensation is tied to the company’s future earnings and stock prices. Freep says those types of compensation “are based on the company’s fair value estimate of their value at the time they are granted. That value will fluctuate over time.”
The Newspaper admits that these three CEOs make far more than most working people (obviously), but it justifies the high earnings by saying “But the responsibilities are great and the consequences of successful and failed leadership are sweeping.”
It’s like they said in Spiderman, “with great power comes great responsibility, and with great responsibility comes big fat checks, yachts and lavish mansions.”
Or something like that.