Welcome to the Daily 5 report for Monday, May 19.
In a region dominated by automakers, suppliers and dealers, one would naturally expect the CEO of a Detroit 3 automaker to lead the list of highest paid executives. Not this time.
Turns out the top paid CEO of a publicly traded company in metro Detroit in 2024 was from a cold storage company called Lineage Inc. Greg Lehmkuhl collected $69.3 million — mostly from stock awards and an initial public stock offering, Automotive News affiliate Crain's Detroit Business reported today.
General Motors CEO Mary Barra was a very distant second with 2024 compensation of $29.5 million. Ford CEO Jim Farley took a 6 percent pay cut and finished fourth at $24.9 million.
From there, the top 10 list is dominated by CEOs in automotive-related fields, including Ally Financial, BorgWarner Inc., Aptiv, Lear Corp. and Visteon Corp. The highest paid dealership group executive was Penske Automotive Group Inc. CEO Roger Penske, finishing 18th on the list with $8.8 million.
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Meanwhile, this story from Japan gathered considerable attention over the weekend, begging the question of whether Toyota Motor Corp. might rescue troubled automaker Nissan Motor Co. When negotiations between Nissan and Honda Motor Co. ended in February, a Toyota executive contacted Nissan to offer support, Japan's Mainichi daily reported.
The report did not detail the results of Toyota's overture, Hans Greimel wrote. Nissan declined to comment. A Toyota spokesman said the company was looking into the report.
Back in Detroit, we published this compelling story about how GM uses its highest-end models to develop manufacturing technologies and features that may eventually trickle down into its high-volume models. The $360,000 Cadillac Celestiq is a prime example. The vehicle forced GM to pioneer new techniques and technologies to meet the engineering and design requirements for the hand-built vehicle, according to our story.
Finally, be sure to check out our list of the 100 Leading Women in the North American Auto Industry and all of our upcoming coverage of our Leading Women events over the next few days.
That's it for now. Have a great rest of your day. If you want to view this story in your browser, click here.
— Philip Nussel, online editor
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