GM”s executive salaries seem to be an object of scrutiny lately, but many fail to consider those salaries in comparison to those being paid to execs with other carmakers. According to Fiat”s annual report, CEO Sergio Marchionne earned a staggering 41% more in 2009 than in 2008 with his salary of 4.8 million euros, or $6.5 million. 1.35 million of those euros however, were by way of bonus incentives.
The U.S. Treasury also approved in December, $600,000 in stock payments for Marchionne”s work at Chrysler, having been taken over by Fiat. Those shares remain unsellable however for three years, and not until obligations under TARP have been met by the company.
Fiat predicts that it will come close to black ink this year and have a trading profit of 1.1 âˆ’ 1.2 billion euros after the Italian government made public their intention to not renew consumer purchasing incentives. Marchionne also predicts putting Chrysler in black ink in 2011. Other European CEO”s like VW”s Martin Winterkorn and Daimler”s Dieter Zetsche earned 6.1 million and 2 million euros respectively in 2008.
– By: Stephen Calogera
Source: Free Press