Compensation of Fiat CEO Marchionne in 2010 is 27% lower than in 2009

Article by Christian A., on February 24, 2011

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]

If you liked the article, share on:

Comments

Recommended

Fans and enthusiasts of the BMW M2 in the United States could now rejoice. This comes as their favorite BMW M2 is getting a limited edition version as prepped by...
by - February 20, 2017
Carmakers usually leave us thirsty for information on whether they would introduce a new, refreshed or face-lifted vehicle and on when they intend to launch it. There are reasons for...
by - February 20, 2017
Cadillac’s CT6 full-size prestige-luxury sedan is still somewhat new. It has been offered to the global auto market for two model years – 2016 and 2017. But for those who...
by - February 19, 2017
In many industries, it is the rivalries that make things exciting. In basketball for example, there is the well-known rivalry between the Los Angeles Lakers against the Boston Celtics. For...
by - February 19, 2017
Now on sale in several major markets around the world including Europe, the BMW 5 Series (G30) heralds the arrival of the new seventh generation and represents a whole new...
by - February 19, 2017
Facebook

Youtube Channel

Tip Us
Do you have a tip for us?
Did you film an important event?
Contact us
Newsletter
Subscribe to our newsletter!
Subscribe
Galleries