Sergio Marchionne gets ‘only’ $5 million as Fiat CEO in 2013

Article by Christian A., on March 12, 2014

Sergio Marchionne received EUR3.6 million ($5 million) in cash in 2013, including a bonus and incentives, for his role as chief executive of Fiat S.p.A., according to the group’s compensation report. Marchionne received a fixed remuneration of EUR2.3 million and a EUR1.3 million bonus for reaching certain performance targets, Fiat said in a statement.

Likewise, under a separate stock incentive scheme, Marchionne was granted the right to receive 2.3 million Fiat shares but he has yet to exercise that right. He already held around 3 million shares at the end of 2013. Fiat disclosed that Marchionne did not receive any monetary compensation for his role as Chrysler’s CEO in 2013.

According to a Chrysler filing with the United States Securities and Exchange Commission, Marchionne received benefits and stock awards valued at $307,989 in 2013 for his CEO role at the company. Marchionne has been CEO of both carmakers since Chrysler emerged from bankruptcy in 2009. He is expected to remain CEO of the merged Fiat Chrysler Automobiles for at least the next three years.

He did not use existing stock option plans in 2013. Fiat posted lower trading profit in 2013 to EUR3.39 billion from EUR3.54 billion in 2012, no thanks to a weaker performance in Latin America. The Italian carmaker also scrapped dividend on 2013 earnings to preserve cash after fully acquiring Chrysler.

Marchionne is bound to introduce a new industrial plan in May, which is expected to include new models from its Maserati, Alfa Romeo and Jeep brands that the new company will build for Asia and the Americas.

The new industrial plan is primarily targeted at making Fiat profitable again. Marchionne also received EUR2.1 million for his role as executive chairman of CNH Industrial. The tractor and trucks maker was formed from a merger of Fiat Industrial and its CNH unit. [source: Autoblog]

If you liked the article, share on:

Comments

Recommended

The Swedish moose test is known to have victimized many in the past, including the Toyota Hilux that massively failed. So knowing that many cars from trusted and leading automakers...
by - June 27, 2017
All-new BMW X3 (G01) just made its debut! The updated model has a familiar design, and slightly increased dimensions compared to its successful predecessors. For more cabin space, the wheelbase...
by - June 27, 2017
Polestar is notably known to be Volvo's internal performance specialists, and around last year Polestar revealed to the public that it will utilize electrification to further advance the power of...
by - June 26, 2017
Earlier this month, Porsche introduced to us the 911 Turbo S Exclusive Series. The car wore a Golden Yellow Metallic paint. The same time it was launched, the company said...
by - June 26, 2017
Last month, the Lamborghini Centenario made its way to the Transformers: The Last Knight premiere where it got the attention of many. Following that event, three Lamborghini Centenario coupes landed...
by - June 26, 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