Mary Barra - A Trailblazer In The Automotive Industry
Mary Barra is a name synonymous with leadership, innovation, and resilience in the automotive industry. As the Chair and CEO of General Motors (GM), Barra has shattered glass ceilings, consistently proving that gender is not a barrier to success in traditionally male-dominated sectors.
Author:James PierceReviewer:Emily SanchezFeb 14, 2024300 Shares15.7K Views
Mary Barra is a name synonymous with leadership, innovation, and resilience in the automotive industry. As the Chair and CEO of General Motors (GM), Barra has shattered glass ceilings, consistently proving that gender is not a barrier to success in traditionally male-dominated sectors.
Her journey from an entry-level engineer to the pinnacle of corporate leadership showcases not only her exceptional managerial skills but also her commitment to pushing boundaries and fostering a culture of innovation within the automotive giant.
Quick Facts About Mary Barra
| Birthdate | Dec 24, 1961 |
| Birthplace | Royal Oak, Michigan, U.S. |
| Profession | Chair and CEO, General Motors |
| Net Worth | $90 Million |
Early Life And Education
On Christmas Eve of 1961, Mary Makela was born in Royal Oak, Michigan, and became Mary Barra. She is of Finnish ancestry, and her parents are Eva and Ray. Barra attended the General Motors Institute, which is now Kettering University, to further her studies. She earned a Bachelor of Science in electrical engineering there in 1985. After receiving a GM fellowship, she continued on to the Stanford Graduate School of Business, where she graduated in 1990 with a Master of Business Administration.
General Motors
As a co-op student, Barra began her employment at General Motors in 1980. She was supposed to be inspecting hoods and fender panels. Following that, Barra worked in a variety of technical and managerial roles, heading the Detroit/Hamtramck Assembly factory among others. Barra had been with the corporation for many years when she was appointed vice president of GM's global production engineering division at the beginning of 2008.
She rose through the ranks to become executive vice president of global product development in 2011 after being promoted to vice president of global human resources in 2009. The job of Barra was extended in 2013 to include supply chain and worldwide buying. Early in 2014, Barra took over as General Motors' CEO from Daniel Akerson. She became the first female CEO of one of the "Big Three" automakers as a result. In Barra's first year on the job, GM faced criticism for several safety recalls and fatalities linked to malfunctioning ignition switches.
Barra and the business were also charged of buying accolades to try divert attention from the issue and improve GM's reputation. In the end, the recalls resulted in the development of new guidelines encouraging staff members to report any issues. Barra has now gained notoriety for her initiatives to get GM to switch to electric and autonomous cars. The business acquired a number of businesses, one of which being the autonomous technology start-up Strobe.
Honors And Awards
Barra's contributions to the corporate sector are well known. She has been on Fortune magazine's Most Powerful Woman list on many occasions, and in 2018 Forbes' Most Powerful Women list placed her fourth. Barra also received the Legend in Leadership Award from the Yale Chief Executive Leadership Institute in 2018.
She was later included in the Time 100 and the first Forbes 50 Over 50 list in 2021. Barra won the Arthur W. Page Center Awards' Larry Foster Award for Integrity in Public Communication a few years later. She has also been awarded honorary degrees by Duke University and the University of Michigan.
Board And Council Positions
Barra serves on many boards and councils in addition to her job at General Motors. She is a member of the Disney board, the Stanford University board of trustees, the Stanford Graduate School of Business Advisory Council, and the boards of directors of the Detroit Economic Club and Detroit Country Day School. Barra joined the Homeland Security Advisory Council in 2022.
Personal Life Of Mary Barra
Tony, a consultant, and Barra first met as students at the General Motors Institute. Tony is her husband. The couple lives in Northville Township, a western Detroit, Michigan suburb, with their two kids. Barra has an apartment in Detroit's downtown area.
Mary Barra Net Worth
Mary Barra's substantial salary package as CEO of General Motors, together with her own stock holdings and investments, have contributed to her increasing net worth over time. Mary Barra's estimated net worth in February 2024 is $90 million. It is noteworthy, therefore, that CEO remuneration is subject to considerable annual fluctuations owing to a variety of variables, including stock success and organizational performance.
Mary Barra's remuneration plan includes hefty incentives and stock options in addition to her regular income. These benefits are contingent upon the company's financial success. Her entire net worth is impacted by market swings in her GM stock holdings.
Mary Barra’s Compensation And Earnings
Mary received $200 million in total remuneration during her first ten years as GM's CEO (salary, bonuses, perks, and equity awards). Although her basic pay is $2 million, she often makes between $20 and $30 million annually. For instance, she was paid $2 million in salary, $13.1 million in stock awards, $3.75 million in options, and $3.78 million in performance rewards as part of her $23.7 million pay package in 2020. She received $2.1 million in salary, almost $7.64 million in bonus money, about $3.94 million in stock options, and nearly $14.6 million in stock in 2021.
Her total remuneration was $29,136,780.Her total remuneration in 2022 was $28,979,570, which included a $2,100,000 salary, a $6,258,000 bonus, $4,875,010 in stock options, $14,625,000 in stock awards, and $1,121,560 in other forms of compensation. Mary Barra has a minimum of 1,127,563 shares of General Motors (GM). Approximately 1.378 billion shares of GM were outstanding as at September 30, 2023. These figures indicate that Mary Barra owns around 0.082% of all outstanding shares of GM.
FAQs About Mary Barra
What Is Mary Barra's Educational Background?
Mary Barra holds a Bachelor of Science degree in Electrical Engineering from Kettering University, formerly known as the General Motors Institute. She furthered her education by earning a Master's degree in Business Administration from the Stanford Graduate School of Business.
How Did Mary Barra Become The CEO Of General Motors?
Mary Barra's rise to the CEO position at General Motors was the result of her decades-long career within the company. She started as a co-op student in 1980 and gradually moved through various leadership roles in engineering, manufacturing, and product development. In 2014, she was appointed as CEO, succeeding Dan Akerson.
How Has Mary Barra Contributed To Innovation At General Motors?
Mary Barra has been a driving force behind General Motors' focus on innovation, particularly in the areas of electric and autonomous vehicles. Under her leadership, GM has developed the "GM Ultium Platform," an advanced electric vehicle platform that serves as the foundation for the company's electric vehicle lineup. Barra has been instrumental in positioning GM as a leader in the transition to sustainable and electric mobility.
Conclusion
Mary Barra's journey from a co-op student to the CEO of General Motors is a testament to her resilience, leadership, and commitment to driving positive change within the automotive industry. Through navigating crises, championing innovation, and promoting diversity, she has left an indelible mark on GM and the broader business world. As a trailblazer, Barra continues to inspire aspiring leaders, proving that with determination and dedication, anyone can reach the pinnacle of success, regardless of gender or background.
James Pierce
Author
Emily Sanchez
Reviewer
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