Lucid Motors' CEO, Peter Rawlinson, has claimed the title of the highest-paid CEO in the publicly-traded car manufacturing sector for the year 2022, according to data from the Automotive News/Equilar CEO Compensation Survey. Rawlinson's remarkable compensation package reached a staggering $379,029,183, eclipsing his closest competitor, Mary Barra of General Motors (GM), by more than tenfold.
A detailed breakdown of Rawlinson's earnings reveals a base salary of $575,000, a relatively modest figure. However, the lion's share of his compensation came in the form of stock awards, totaling an astounding $372,928,375. In addition to this, Rawlinson realized $5,504,378 in stock option gains. Notably, this massive compensation package was awarded despite Lucid (LCID) stock experiencing an 82% drop in value throughout 2022, ending the year at just under $7 per share.
Rawlinson's compensation catapulted him to the second position on the list of the highest-paid CEOs in the automotive sector, trailing only the CEO of Nvidia, who received an impressive $506,343,201 in total compensation.
GM CEO Mary Barra secured the third spot with a total compensation of $34,106,824. Her compensation package included a base salary of $2.1 million and $32,006,824 in stock award gains, bonuses, incentive plan compensation, accumulated pension benefits, and deferred compensation balance. Intriguingly, Barra's total compensation for 2022 represented a 45% decrease compared to the previous year, primarily due to her decision not to exercise any stock options.
Jim Farley, the CEO of Ford, closely followed as the third highest-paid automotive CEO among publicly traded U.S. companies, ranking 14th when considering all entities in the automotive mobility, supplier, dealership, and services industries. Farley's total compensation amounted to $18,340,695, featuring a base salary of $1.7 million, with the remainder stemming from stock award gains, stock option gains, bonuses, incentive plan compensation, and deferred compensation.
As for Tesla CEO Elon Musk, his name appeared at the very bottom of the list for 2022. Despite receiving $23.5 billion in stock options during 2021, Musk did not exercise any stock options in 2022 and opted to forgo a salary for the year.