Mary Barra will earn 60% more than her predecessor in her first year running General Motors, the company disclosed Monday.
Barra, who became the first woman to lead a major automaker, assumed the CEO post on Jan. 15. Her pay package will be worth $14.4 million, with most of that compensation in the form of a long-term stock bonus.
Dan Akerson led GM from 2010, just before the automaker's initial public offering, until his retirement last month. He got just over $9 million in pay and bonuses for 2013.
Pay for Akerson and other top GM execs had been subject to federal limits after the U.S. Treasury Department bailed out the automaker in 2009. But in December, Treasury sold its last remaining shares of GM stock, which leaves its compensation committee free of any constraints.
A controversy erupted last week when a reports on Fox Business and ThinkProgress erroneously accused GM of paying Barra significantly less than it had paid Akerson. At that point, GM had only reported her base salary and her short-term stock bonus; the automaker had yet to report what her long-term stock bonus would be.
Company spokesman Greg Martin said last week that it would be clear that Barra wasn't being paid less when her long-term compensation was released. He said Monday that the long term compensation had already determined before the controversy emerged.