While Chrysler paid CEO Sergio Marchionne $0 last year, he earned $3.34 million, or 2.56 million euros from Fiat Industrial, as chairman of the company.
Fiat industrial, which is known as a construction equipment and commercial truck manufacturer, paid Marchionne $1.6 million or 1.25 million euros and a bonus of 1.6 million or 1.26 million euros. In 2011 Fiat Industrial was separated from Italian carmaker Fiat.
Marchionne also received, besides his fixed salary of 2.45 million euros, stock-related remuneration, with the value of 12.01 million euros from Fiat SpA, his total 2011 compensation totaling $19 million. Although Fiat owns 58.5% of Chrysler, and MArchionne is the chairman and CEO for this company, he didn’t receive any bonus stock from it.
“Marchionne’s salary is in line with the industry’s top managers, and he shares company’s risk with the stock payment,” said Giuliano Noci, a marketing professor at Milan Polytechnic. “Industrywide speaking, the difference between top managers’ salary and workers is impressive.”
Fiat and Chrysler sold 66,000 cars in Europe last month, a 7.2% market share that was up from 6.9%. The new Panda was its top seller.