Fiat CEO Sergio Marchionne Gets $19M From Fiat for 2011
It was reported earlier that Chrysler CEO, Sergio Marchionne, took no compensation for his work at the U.S. automaker last year. At the same day there was a report that Ford Chief Executive, Alan Mulally, had received $58.3 million in stock alone for 2011. But for the folks who wonder how deeply Marchionne might have to dig into his pockets to cover the reported $3.5 million home he recently purchased in the Detroit suburbs there’s no reason to worry. Even though he didn’t receive compensation from Chrysler he did more than okay wearing his other hat, as CEO of the U.S. maker’s Italian partner Fiat.
Last year Sergio Marchionne took home around 14.5 million Euros, or $18.9 million together with $3.2 million in salary and another $15.69 million in stock that vested last year. Majority of companies like Ford and Fiat like to use stock as an incentive, the argument being that with enough shares an executive like Marchionne or Mulally will be motivated to maximize investor value.
Marchionne, reportedly is indefinitely delaying the long-discussed Chrysler IPO and suggested there might not be one at all. He refused to take either salary or bonus from Chrysler in both 2010 and 2011. He took charge as CEO of the U.S. maker when Fiat effectively took control of Chrysler following its emergence from Chapter 11 protection. Fiat’s venture in Chrysler has steadily grown – from an initial 20% to the current 58.5%. Federal filings specify the goal is to boost that to 70% or more over the next several years. Moving to General Motors, the present CEO, Dan Akerson, has not had his remuneration announced for 2011. In 2010, where he served as CEO for just four months, Akerson was paid $2.53 million in total compensation.
via – Leftlane News