Fiat SpA Chief Executive Officer Sergio Marchionne received compensation totaling 14.5 million euros ($19 million) in 2011, mostly in stock grants.
Marchionne had a salary of 2.45 million euros by the Italian carmaker, according to a filing released today. He also got stock-related remuneration which had a “fair value” of 12.01 million euros, Fiat said.
“Marchionne’s salary is in line with the industry’s top managers, and he shares company’s risk with the stock payment,” said Giuliano Noci, a marketing professor at Milan Polytechnic. “Industrywide speaking, the difference between top managers’ salary and workers is impressive.”
Marchionne didn’t receive any compensation from Chrysler, where he is Chairman and CEO, last year. He is also chairman of Fiat Industrial SpA, a truckmaking unit Fiat spun off last year. His salary from Fiat Industrial hasn’t been disclosed yet.
Ford Motor Co. awarded Chief Executive Officer Alan Mulally $58.3 million in stock as a reward for the automaker’s turnaround while Volkswagen AG Chief Executive Officer Martin Winterkorn, who led the world’s second-largest carmaker to a record profit last year, earned 17.5 million euros to top the rankings as best-paid CEO in the benchmark DAX Index.
General Motors Co. CEO Dan Akerson, whose pay must be approved by the Obama administration’s special pay master, said Jan. 10 that he won’t get a cash bonus for 2011, the year the Detroit-based automaker earned a record profit and again became the world’s largest.
Akerson, who served as CEO for four months in 2010, received $2.53 million in total compensation for that year, GM said in a proxy statement last year.
Fiat awarded Marchionne stock grants to receive 7 million shares, the carmaker said Feb. 22. They can be exercised from 2012 to 2015. Marchionne will receive one third of the shares every year if he remains CEO of the Italian carmaker. The final payment will be made Feb. 22, 2015 if Marchionne is still in his post.