Fiat Chrysler’s Marchionne paid nearly $11.5M in 2016
Fiat Chrysler Automobiles NV CEO Sergio Marchionne was paid more than 10.8 million euros (nearly $11.5 million) in compensation in 2016, about the same cash payout as the year before, but falling well short of 2015 totals when including millions of dollars in stock grants.
Marchionne was paid 3.61 million euros in base salary ($3.82 million) and received a nearly 6.3 million euros bonus (worth about $6.89 million when announced and paid a year ago) in 2016, according to the company’s annual report issued Tuesday and filed with the U.S. Securities and Exchange Commission. He also received 917,670 euros ($970,858) in other compensation, including things such as insurance premiums and tax preparation.
For 2016, Marchionne received no long-term variable pay because no shares vested during the year. He was paid his 2016 bonus last year, which was based on his performance in 2015.
Marchionne for 2015 was paid more than 10 million euros, at the time worth about ($10.9 million), including a 3.6 million euro base salary ($4 million); 6.3 million euro (nearly $6.9 million) bonus related his performance in 2015; and 126,610 euros ($137,796) in other compensation. He also was awarded $62.7 million in equity based on shares that vested and a one-time stock grant in 2015, pushing his total pay package for 2015 to $73.55 million.
General Motors Co. and Ford Motor Co. have not yet released annual proxy statements and executive compensation for 2016.
Marchionne also is executive chairman of CNH Industrial and chairman and CEO of Ferrari, which was spun off from Fiat Chrysler in January 2016. His pay in 2016 for those positions was not available Tuesday.
In 2017, Marchionne, 64, is set to receive a bonus of nearly 6.14 million euros (nearly $6.5 million) from Fiat Chrysler, based on his 2016 performance.
FCA Chairman John Elkann last year got a base salary of 1.8 million euros ($1.91 million) and other compensation of 635,688 euros ($672,532) for items such as use of transportation and insurance premiums, totaling 2.44 million euros ($2.58 million).
Going forward, Marchionne could see some 6.7 million shares vest by 2019, which is up from 4.32 million because of the Ferrari spin-off and the company selling an ownership stake in RCS MediaGroup S.p.A. The value of those shares depends on many factors such as the company meeting certain objectives in its five-year plan, his performance and the stock price.
GM typically releases its annual proxy in April. GM Chairman and CEO Mary Barra earned total compensation of $28.59 million in 2015, up nearly 77 percent from 2014, due mostly to a one-time stock option grant aimed at retaining senior executives. She received $7.3 million in compensation (including salary, a short-term incentive plan payout and stock equity awards that vested) in 2015, up from $4.5 million in 2014.
Ford usually releases its proxy in mid-March. Ford President and CEO Mark Fields earned $18.58 million in total compensation in 2015, down slightly from $18.9 million made in 2014 due largely to a drop in pension value.
Fiat Chrysler’s stock closed Tuesday at $10.97 a share, down 0.9 percent.