Sergio Marchionne, chief executive of Fiat Chrysler Automobiles, received salary and stock awards valued at $307,989 in 2013 for leading Chrysler Group, according to a filing with the United States Securities and Exchange Commission. Marchionne also received pay for his role as Fiat Group’s CEO. The Fiat side will announce its compensation to Marchionne later this month.
His 2013 compensation from Chrysler was a big drop from 2012, when he received $1.23 million. In 2011, he declined a salary from the US carmaker. The drop was because 2012 compensation levels included performance incentives accrued over three years.
Marchionne was the chief executive of both carmakers prior to the merger. In 2012, he received around EUR13.2 million in in salary and equity ($18.3 million at current exchange rates), from Fiat and its affiliates.
Chrysler emerged from Chapter 11 bankruptcy protection in June 2009, with the Fiat Group taking a 20-percent stake in Chrysler Group LLC. Marchionne was named CEO of the new company. Less than two years later, Chrysler returned to the black.
Marchionne was born in June 17, 1952, in Chieti, Abruzzo, Italy, to Concezio Marchionne and Maria Zuccon. He and family emigrated to Toronto, Ontario, Canada, when he was just 13 year old. Marchionne earned his bachelor of commerce degree in 1979 from the University of Windsor in Ontario. He also earned his law degree from Osgoode Hall Law School of York University in 1983. Marchionne has an MBA in 1985 from the University of Windsor in Ontario He was a Canadian certified general accountant (FCGA) as well as a barrister.
He started working in 1983 in Deloitte & Touche in Canada as an accountant and tax specialist for. In 1985, Marchionne was tapped by Lawson Mardon Group, becoming a Group Controller and then Director of Corporate Development. From 1989 to 1990, he was hired by Glenex Industries and became its Executive Vice President.
In the 1990s, Marchionne worked in a number of executive positions at several companies like Acklands Ltd., Lawson Group, Alusuisse Lonza, and Lonza Group. He was named as CEO and Managing Director of SGS S.A. in 2002, and as its chairman in 2006. Marchionne was elected as an independent member of Fiat S.p.A.’s Board of Directors in May 2003, and was named the carmaker’s CEO in 2004. Marchionne was recited for turning the Fiat Group around to become one of the fastest growing carmakers in less than two years.
Fiat considers Chrysler as vital in its bid to keep earning money as it accounts for most of its results. Fiat has been able to stop its string of losses in Europe (over EUR700 million), thanks to Chrysler. Moreover, North America accounted for around 75 percent of Fiat’s operating profit in 2012.