Fiat and Chrysler CEO Sergio Marchionne may not have been paid by the Chrysler Group last year, but Bloomberg reports the executive did receive compensation from the Fiat side of the business. Mainly comprised of stock grants, Marchionne’s compensation in 2011 totaled 14.5 million euros, which works out to roughly $19 million U.S.
Referencing a filing released today, Bloomberg says Marchionne’s salary from Fiat was 2.45 million euros, not including the stock-related remuneration valued at about 12 million euros awarded by the Italian automaker. Marchionne is also chairman of Fiat Industrial SpA, a truck company that spun off last year. His salary from that truck-making venture has yet to be disclosed.
Fiat will give Marchionne stock grants of 7 million shares, which can be exercised from 2012 to 2015. Marchionne will receive a third of the shares every year he remains CEO at Fiat, with the final payment scheduled to be made on February 22, 2015.
“Marchionne’s salary is in line with the industry’s top managers, and he shares [the] company’s risk with the stock payment,” Giuliano Noci, marketing professor at Milan Polytechnic, said to Bloomberg.
To put Marchionne’s pay in perspective, Ford Motor Co. CEO Alan Mulally was awarded $58.3 million in stock for turning around the American automaker’s fortunes. Bloomberg reports Volkswagen CEO Martin Winterkorn earned 17.5 million euros ($22.9 million) for leading the German auto giant to a record profit in 2011. General Motors CEO Dan Akerson’s pay must be approved by the Obama administration, and Bloomberg reports the executive said he will not get a cash bonus for 2011. Akerson received $2.53 million in total compensation in 2010, when he was CEO for four months.