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[March 10, 2014]
Fiat: Marchionne earned $5 million as CEO in 2013 [Detroit Free Press :: ]
(Detroit Free Press (MI) Via Acquire Media NewsEdge) March 11--Sergio Marchionne, the CEO of Fiat Chrysler Automobiles, earned almost $5 million for his work as CEO of Fiat in 2013 even though he did not accept a salary for running Chrysler.
A remuneration report filed Monday by Fiat discloses Marchionne's earnings, $1.3 million less than his compensation in 2012.
While no official reason was cited for paying him less, Fiat has been struggling financially with slow sales in Europe and Brazil, resulting in a net profit of $2.7 billion in 2013. The Italian automaker is increasingly relying on Chrysler's success in North America.
The Fiat filing says Marchionne received a fixed salary of $3.2 million, with a $1.8-million bonus for achieving certain unspecified targets, as well as $148,000 in nonmonetary benefits.
He also been granted 2.3 million restricted shares as part of the company's incentive program. The filing notes that none of the shares have been exercised. They are worth $25.5 million based on the current Fiat stock price.
The Free Press reported last week that Marchionne did not accept a salary or receive bonuses for his duties as CEO of Chrysler. But he did receive stock valued at $200,000 and "other compensation" valued at $107,989 for a total of $307,989 in total compensation in 2013, according to the automaker's annual report. That is less than the $1.23 million in stock and stock options he received from Chrysler in 2012.
For Marchionne, other compensation includes a $103,914 housing and home security allowance.
Fiat now owns 100% of Chrysler as part of Marchionne's vision to create a larger and more competitive global automaker.
Marchionne's pay is well below that of crosstown rival Ford CEO Alan Mulally.
While Ford will not disclose Mulally's full compensation details until later this month, it is expected to be in the same range as his 2012 package valued at $21 million. Ford has already disclosed that Mulally was awarded additional stock worth $13.8 million at the current share price for his performance in 2013.
Contact Alisa Priddle: 313-222-5394 or email@example.com. Follow her on Twitter @AlisaPriddle. Staff writer Brent Snavely contributed.
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