Being "the" Mary Barra is no easy task. Hailed as the first woman to lead a company where the line of business is normally dominated by males, Barra is someone that you would not want to cross. She has established herself as a strong force in the automotive world, and it may be very likely that she is there to stay. After all these years, what could be the net worth of this intelligent and strong woman?
Net worth
The net worth of Barra is one of those contentious ones since different financial sites list a different figure. However, two sites, namely, Sarkariexam and Gurufocus gave close estimates.
According to Gurufocus, as of March 8, 2024, Barra's estimated net worth exceeds $46 million. She serves as the Chairman and CEO of General Motors Co, owning approximately 1,122,883 shares of GM stock valued at over $44 million. Additionally, she holds the position of Director at General Dynamics Corp, possessing around 6,356 shares of GD stock valued at over $2 million.
As per SarkariExam, her estimated net worth as of August 2023, was at least $39 million. This wealth is largely due to her ownership of 1,122,883 shares of General Motors Co (GM) stock valued at over $37 million.
Income sources
A 2022 analysis of Barra's income sources reveal a breakdown of her sources of wealth, which would give a bird's eye view of how her wealth accumulated over time. A more recent analysis is not yet available as of writing.
According to a report by Automotive News, which references a study from Equilar Inc., Barra, CEO of General Motors (GM), received a total compensation of $34,106,824 for the 2022 calendar year, down from $62,260,812 in 2021. It's worth noting that the $34.1 million figure for 2022 differs from the $28.9 million figure by an earlier report of Detroit Free Press.
The report from Automotive News indicates that Barra's base salary for 2022 remained at $2.1 million, with $6.2 million received in bonuses and incentive plans, $24.6 million in stock award gains, $2.1 million in accumulated pension benefits, $4.7 million in deferred compensation, and $1.1 million in other compensation. Despite the significant decrease in her total compensation from 2021, Barra's base salary remained unchanged. However, in 2022, Barra did not exercise any options, unlike in 2021 when she gained $26.5 million from options.
Illustrious corporate career
Since 2014, Barra has been the CEO of General Motors (GM), making her the first woman to lead one of the big three automakers in the U.S. Under her leadership, GM has made significant investments in electric vehicles (EVs) and self-driving cars, with a goal to produce 1 million EVs by the end of 2025, as announced in late 2023. Barra's tenure at GM began in 1980 when she joined the company as a student in their co-op program, initially working under the Pontiac Motors division. In addition to her role at GM, Barra is the chair of the Business Roundtable, which consists of America's most powerful corporate CEOs, and she also sits on the board of directors for the Walt Disney Company.
Where It all started
Barra embarked on her journey with GM in 1980, inspecting fenders and hoods at the Pontiac Motor Division while pursuing her undergraduate degree at General Motors Institute (now Kettering University). Upon graduation, she transitioned to a role as a Senior Engineer with Pontiac. Demonstrating early leadership potential, Barra was awarded a fellowship by GM to pursue a Master of Business Administration at Stanford University.
After completing her MBA, Barra steadily climbed the ranks at GM, assuming various leadership roles. She served as Manager of Manufacturing Planning, Executive Assistant to the Chairman, Director of Internal Communications, and Plant Manager. In 2004, she took on the role of Executive Director of Vehicle Manufacturing Engineering, where she successfully integrated six independent groups into a cohesive operation, streamlining product development. Barra later served as Vice President of Global Human Resources, where she revamped outdated policies and redefined leadership development, compensation, and benefits strategies.
In 2011, Barra assumed leadership of the Global Product Development Division, overseeing design, engineering, purchasing, supply chain, and logistics. Her tenure as CEO of General Motors, which began in 2014, has been marked by significant achievements and challenges. Shortly after taking the helm, Barra faced a crisis when GM came under scrutiny for a faulty ignition switch linked to over 100 deaths. She responded by implementing new policies to encourage employee reporting and enhancing transparency. Despite these challenges, Barra led GM to achieve record global sales and net income in 2015, marking her as one of the industry's most respected chief executives.
Personal life
Mary Teresa Makela, born in 1961, hails from a family deeply rooted in the automotive industry. Her father, Ray Makela, dedicated 39 years to Pontiac as a die maker, embodying the spirit of General Motors (GM) through his work. Her mother, Eva Makela, played a vital role as a homemaker, providing a nurturing environment for Barra and her brother, Paul Makela. Both Barra and Paul demonstrated exceptional aptitude in Science and Mathematics, setting the stage for their future successes.
Barra's journey at GM began as a co-op student at the age of 18, where she embarked on a path that would lead her to become one of the most influential figures in the automotive world. She pursued a degree in electrical engineering at the General Motors Institute (now Kettering University), where she not only gained technical knowledge but also met her future husband, Anthony E. Barra.
Anthony, known as Tony Barra, is an engineering consultant, and together with Barra, they have made significant contributions to their community, such as chairing the Detroit International Wine Auction in 2014, which raised $2.4 million for community arts programs and scholarships at the College for Creative Studies. Mary and Anthony are proud parents to two teenage children, Rachel and Nicholas, both of whom show promise and enthusiasm in their pursuits, with Nicholas sharing a keen interest in trucks, often sharing innovative ideas with his mother for enhancing GM's vehicles.
