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

Article by Christian Andrei, 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

Login or Create new account to add a comment!

Recommended

Off-road driving with an open air vehicle provides another kind of experience for many off-road enthusiasts and fans. For this sake, Ford is planning to offer a version of the...
by - January 16, 2017
For those who love driving, future autonomous cars should be like the Toyota Concept-i that is drawing in a multitude of visitors at the 2017 Consumer Electronics Show in Las...
by - January 15, 2017
Things are looking good at Rolls-Royce Motor Cars as the British luxury carmaker impressed by posting a six-percent jump in deliveries in 2016. Rolls-Royce’s 2016 deliveries of 4,011 units in...
by - January 15, 2017
British luxury sports car maker Jaguar is introducing a bevy of subtle updates to the 2018 Jaguar F-Type Facelift. However, these updates are so subtle that they are barely noticeable...
by - January 14, 2017
As far as Automobili Lamborghini S.p.A. is concerned, 2016 was a very fruitful year. This is all due to the fact that the luxury sports carmaker has delivered the most...
by - January 14, 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