As reported on Thursday, Sergio Marchionne made 27 percent less in 2010 than in 2009 as the CEO of Fiat Group. According to Fiat, that was because Marchionne’s total compensation for 2009 included a $1.86 million bonus, while that was foregone in 2010. But there is someone at Fiat Group that is better paid than the CEO himself. Who? Ferrari Chairman Luca Cordero di Montezemolo.
Montezemolo’s salary in 2010 was more than twice that of Marchionne’s, which made him the best-paid executive in all of Fiat Group for the year. The Ferrari chairman was paid 8.7 million euros ($11.97 million USD) in 2010 while Marchionne got 3.5 million euros.
Montezemolo earned 7.549 million euros ($10.3 million USD) for his role in Ferrari and 1.033 million euros ($1.4 million USD) for his role in Fiat between the years of 2004 and 2010.
– By: Omar Rana
Source: Automotive News