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 2018 Cadillac CTS-V sedan will be getting a new paint job that will give it a unique icy feel. Dubbed the Glacier Metallic Edition, this special model was built...
by - August 23, 2017
During the North American International Auto Show at Detroit in 2015, Hyundai introduced a concept pickup truck they named the Santa Cruz. This model took home the Concept Truck of...
by - August 23, 2017
Porsche introduces the technologically advanced wheels with braided carbon fiber. These will be initially available on the 911 Turbo S Exclusive Series. Being the first car manufacturer to offer such...
by - August 23, 2017
All eyes were turned to the fuchsia pink bespoke McLaren 720S MSO at the 2017 Pebble Beach Concours d’Elegance Sunday. Surely, we can understand why. The one-off supercar, which was...
by - August 23, 2017
Hyundai Motor Group – including both Hyundai Motor and Kia Motors – has disclosed a wide-ranging plan to introduce 31 environment-friendly models in a new development roadmap that aims to...
by - August 22, 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