FCA CEO Marchionne earned $10.9 million in 2015
Fiat Chrysler Automobiles NV CEO Sergio Marchionne was paid more than 10 million euros ($10.9 million) for leading the automaker in 2015.
The 63-year-old executive’s compensation included a 3.6 million euro base salary ($4 million), 6.3 million euro (nearly $6.9 million) incentive related to the company’s performance during the year and 126,610 euros ($137,796) in “other compensation,” according to the company’s annual report filed with the U.S. Securities and Exchange Commission on Monday.
Those 2015 earnings do not include millions of dollars Marchionne earned or could earn in the form of performance-based, long-term compensation awards and grants: 4.32 million shares of the company’s stock if the company hits certain performance targets, and 1.62 million shares that he can access at any time, which was first reported as part in the company’s annual filing a year ago.
The company, according to the filing, places significant importance on long-term incentives as a retention and motivation tool.
Marchionne’s 2015 earnings are sharply down from 2014, when the automaker paid him 31.3 million euros ($38 million), including a 24.7 million euro ($30 million) cash reward from non-executive directors as recognition for being “instrumental in major strategic and financial accomplishments for the group.”
FCA Chairman John Elkann followed Marchionne based strictly on salary, bonuses and other compensation in 2015. He received 1.8 million euros ($2 million) in annual salary and 128,309 euros (about $139,500) in other compensation related to “the use of transport.”
Marchionne, as of Friday, owned 14.62 million common shares, or 1.13 percent, of the company — by far the most of any FCA executive. The second closest was Elkann at 133,000 shares.
Bloomberg News last week reported Marchionne, who also serves as chairman of CNH Industrial and Ferrari, which spun off Fiat Chrysler in 2015, publicly disclosed holdings are worth $232 million as of Thursday’s closing prices, making him more invested in his employers than fellow auto bosses.
Carlos Ghosn, CEO of Nissan Motor Co. and Renault SA, has shares in the automakers worth about $49 million, according to data compiled by Bloomberg. Mark Fields, CEO of Ford Motor Corp, has company stock worth about $12 million, while General Motor’s Mary Barra owns about $3.2 million in the Detroit carmaker.