After we brought you the news concerning the remuneration given by Chrysler Group LLC to Sergio Marchionne, who was previously CEO of both the US unit and its Fiat parent and now heads the company that reunited both, it’s time to see what Fiat gave him for the 2013 performance.
Marchionne, now CEO of the new Fiat Chrysler Automobiles, took home from Fiat around $5 million for 2013, as Fiat disclosed in a remuneration report – $3.2 million from his salary, a $1.8-million bonus for unspecified targets and $148,000 in non-monetary benefits. It might seem much, but we should not that both Ford and GM CEO’s receive somewhere north of $20 million each year.
Marchionne received around $1.3 million less than what he was compensated for 2012 – no reason was given for the lower payment but we are sure that targets set for these years – which proved difficult to achieve had something to do. Also, while not accepting a salary from his previous CEO position at Chrysler, he received from the US unit for last year $307,989 in stock and other compensation.
We shouldn’t feel bad for Sergio Marchionne for his lower payment, as part of the company’s incentive program he was also awarded 2.3 million restricted shares – none of them executed yet – and having a value of $25.5 million if we take into consideration the current stock price.