The annual report of Fiat SpA said that CEO Sergio Marchionne received $4.77 million (3.47 million euros) in total pay last year. Compared to his 2009 pay package, Marchionne’s compensation in 2010 decreased by 27%, mainly because he got no bonus or incentive pay beyond his base salary and a $584,000 fee linked to Fiat’s executive duties in Switzerland. Marchionne’s base salary wasn’t changed at 3.05 million euros, or $4.2 million (current exchange rates).
A $1.86 million bonus was included in his 2009 pay package. Chrysler didn’t reveal how much Marchionne received as its CEO. Fiat controls 25% of Chrysler. The U.S. government had set a salary cap of $500,000 on Chrysler’s top 25 executives.
However, Marchionne and other Fiat executives who take on management posts at Chrysler are exempt from the rule. Under the terms of the bailout, the U.S. government controls 9.2% of Chrysler’s shares while the Canadian government owns 2.3%.
Chrysler has outstanding loans of $5.8 billion from the U.S. and $1.3 billion from Canada. At the end of 2010, Marchionne held options on 16.92 million shares of Fiat stock. Fiat said in its annual report that the options can be exercised anytime between now and November 2016. [via autonews - sub. required]