Sergio Marchionne, Chrysler Group LLC CEO, did not receive any compensation from the Auburn Hills automaker in 2011.
In 2010 Marchionne received $4.77 million (3.47 million euro) for his services as chief executive officer of Fiat SpA, besides his base salary of $4.2 million (3.05 million euro), unchanged from 2009. But his compensation declined because he earned a bonus of $1.87 million in 2009 but received no bonus in 2010 and had other fees associated with his position. In 2011 although he didn’t receive compensation from the Auburn Hills automaker, he did receive $4.5 million in management fees from Fiat, where Marchionne is chairman and CEO.
Fiat is free of the restrictions on executive compensation imposed by the U.S. government as a condition of its bailout of Chrysler, because the U.S. Treasury Department sold its remaining equity in the company last year, but the company voluntarily agreed to continue to abide by those restrictions.
“Our compensation philosophy continues to center on our commitment to maintain responsible compensation practices that will allow us to attract and retain capable and experienced professionals, and that will motivate our executives to help us achieve our targets for long-term growth and appreciation in value,” the company said.