Fiat Chrysler's Marchionne paid $7.8M, Manley paid $708K in 2018
Fiat Chrysler Automobiles NV paid its late CEO Sergio Marchionne 6.6 million euros ($7.8 million) in 2018 and new CEO Michael Manley got 600,442 euros ($708,498) as head of the company in his first months on the job.
Manley, who took over as CEO on July 21 just before Marchionne succumbed to illness at age 66, was also granted 180,364 shares of FCA stock valued at about $3 million. Those shares could vest in 2019 if certain targets for the company are achieved, according to an annual statement issued Friday by FCA and filed with the Securities and Exchange Commission.
He will also receive a $367,000 bonus for FCA's 2018 financial performance. That bonus will be paid in 2019.
Manley received other compensation of 89,817 euros ($105,984) in 2018, including use of company vehicles and corporate aircraft.
The new CEO's compensation plan for 2019 was outlined last year, with a target compensation of $14 million. Manley will get a base salary of $1.6 million this year, with the opportunity for a $2.4 million performance-based bonus and a stock grant valued at $10 million.
Marchionne — who was paid nearly $12 million in 2017 in addition to 2.79 million shares of FCA stock valued at 28.98 million euros ($35.77 million) — received a base salary of nearly 2 million euros ($2.3 million) in 2018. Marchionne was also granted a bonus of about 4.6 million euros ($5.4 million) based on FCA's 2017 performance.
The late CEO's estate was also granted nearly 3 million FCA shares valued at $41.6 million based on FCA's performance from 2014 to 2017. It was the second of three tranches of FCA stock to be delivered based on the Italian-American automaker's performance at the end of a five-year plan set in 2014.
Marchionne's estate will not get a 2018 performance bonus because his original employment did not provide for a bonus payment in the event of death.
FCA Chairman John Elkann was paid in 2018 a base salary of 1.6 million euros (nearly $2 million).
Fiat Chrysler's stock price closed at $14.79 ahead of the annual report.
General Motors Co. and Ford Motor Co. have not yet released annual proxy statements and executive compensation for 2018.
GM CEO Mary Barra was the highest-paid Detroit Three executive in 2017. GM paid Barra $21.96 million in total compensation in 2017. The Detroit automaker usually releases its annual proxy in April.
Ford paid CEO Jim Hackett $16.73 million in 2017, his first full year as the Blue Oval's chief executive. Ford typically releases its annual proxy in mid-March.