Sergio Marchionne’s Fiat pay fell 27% in 2010
Sergio Marchionne made 27% less money in 2010 than in 2009 as the CEO of Fiat, says the Italian automaker. The reason? Marchionne’s total compensation plan for 2009 included a $1.86 million bonus, while that was foregone in 2010. Marchionne earned his base pay of $4.2 million, and a $584,000 fee tied to Fiat’s executive duties in Switzerland.
Chrysler has yet to announce Marchionne’s compensation as its CEO. As part of its bankruptcy deal, Chrysler must cap its top 25 execs at salaries of $500,000. There is a stipulation however that exempts Marchionne from this, which dictates that execs who went over from Fiat are exempt from the cap.
In addition to his salary, Marchionne holds options on about 17 million shares of Fiat stock which are not worth much right now, but in the future could be worth much. Fiat also awarded him another 4 million shares of stock.
– By: Stephen Calogera
Source: Free Press
