Sergio Marchionne, the chief executive officer of Fiat Chrysler Automobiles NV, the seventh-largest automaker in the world, was paid 31.3 million euros ($34 million) in 2014, with the earnings including a bonus for the merger of Fiat SpA to its subsidiary Chrysler Group LLC.
The royalties were discovered through a regulatory filing of the company, with Marchionne having a salary of 2.5 million euros each year, then adding yearly incentives worth 4 million euros and other compensation that brought the total to 6.6 million euros, according to a US regulator filling of FCA. Next off, the non-executive directors awarded the manager with a one-off cash award of 24.7 million euros that rewarded him for the strategic contribution to the group’s emergence in 2014. The one of a kind incentives will have a grant of 1.6 million restricted shares and a special bonus of 12 million euros that will be paid off only when his mandate ends, with the former also subject to shareholder approval.
The 62-year-old executive last year said he would only stay with the company he helped create through the end of a five-year financial and sales strategy due for completion in 2018. The plan includes a massive sales and financial profit boost through the global expansion of the Jeep brand, the rejuvenation of the Alfa Romeo unit and the repositioning of other brands, including the namesake brand Fiat or luxury division Maserati. The executive currently also serves as chairman of ultra-luxury unit Fiat and chief executive of FCA US – the American division of the company, formerly known as Chrysler Group LLC.