Sergio Marchionne, in his capacity as chief executive of Fiat Chrysler Automobiles, received a pay package valued at EUR31.3 million ($34 million) in 2014, according to a filing with the United States Securities and Exchange Commission. He received EUR2.5 million in salary, EUR4 million in annual incentives as well as other compensation -- bringing his pay package to about EUR6.6 million.
Likewise, non-executive directors green-lighted a one-off cash award of EUR24.7 million to Marchionne to recognize his strategic contribution to the group in 2014, when he was instrumental in the merger of Fiat and Chrysler to create the seventh-larger carmaker in the world.
He will also receive a grant of EUR1.6 million restricted shares, subject to approval by shareholders, as well as a special bonus of EUR12 million that he could only receive when his mandate ends. Marchionne has said he will remain as chief of FCA through the end of a five-year plan, which should culminate in 2018.
He is also credited with shifting the primary listing of the merged FCA to Wall Street in October. He is also the chairman of FCA’s Ferrari unit and CEO of FCA's North American operations. He has plans to spin off Ferrari from the FCA group and sell at least a 10-percent stake in an initial public offering.
Marchionne's five-year industrial plan for FCA entails a EUR48-billion investment through 2018 to turn Jeep, Maserati and Alfa Romeo into global brands that will enable it to compete better against Volkswagen and BMW.
Marchionne already owns about 14.4 million common shares in FCA, with a value of EUR203.3 million at closing price for FCA shares traded in Milan on March 5. Including loyalty shares, Marchionne has a 0.85 percent voting stake, according to Reuters calculations.