GM sets salary for new CEO Mary Barra at $1.6 million plus incentives

General Motors Co. says new CEO Mary Barra will get a base salary of $1.6 million per year as she takes over the global automaker.

GM said in a filing on Friday that Barra will also be eligible for $2.8 million in short-term incentives. GM has a long-term incentive plan as well that provides the bulk of the pay for its CEOs.

The Detroit company’s last CEO, Dan Akerson, had a total 2012 salary of more than $11 million, including a base salary of $1.7 million. GM says Akerson will continue to be paid $1.7 million per year as a GM consultant.

Barra, who started as CEO on Wednesday, has worked at GM since she was 18, and got an engineering degree from what was then known as General Motors Institute.