In final year as FCA CEO, Mike Manley received $10.4M in direct compensation

Breana Noble
The Detroit News

In his last year leading Fiat Chrysler Automobiles NV, CEO Mike Manley in 2020 received $10.4 million (8.61 million euro) in direct compensation, a 25% decrease from the year prior, before the Italian-American automaker merged in January with French rival Groupe PSA to create Stellantis NV.

Manley's total remuneration — which includes retirement benefits and fringe benefits such as use of company cars, insurance and tax preparation — was $14.2 million (11.7 million euros), according to a U.S. Securities and Exchange Commission filing. That is about 218 times as much as the company's average employee compensation of $65,050 (53,729 euros).

Groupe PSA CEO Carlos Tavares, left, and Fiat Chrysler Automobiles NV CEO Mike Manley shake hands in December 2019 after signing a binding agreement to merge the two automakers. PSA and FCA combined in January to create Stellantis NV.

Manley is now head of the Americas for Stellantis. The 2020 compensation for the transatlantic automaker's CEO, Carlos Tavares, while he led PSA has not yet been disclosed. In 2019, Tavares received $8.3 million (7.6 million euros), slightly down from $8.32 million (7.64 million euros) in 2018.

General Motors Co. has not yet reported its executive compensation for 2020. Jim Farley received $11.8 million in total compensation in 2020 from Ford Motor Co. after transitioning from president of new business, technology and strategy to chief operating officer in February and then to CEO in October. His predecessor, Jim Hackett, received $16.7 million in total compensation.

Manley's $10.4 million in compensation is down from the $12.5 million (11.5 million euros) he received for his first full year leading FCA. His 2020 compensation breaks down to a base salary of $1.48 million (1.23 million euros). The remainder is based on performance, including a $2.03 million (1.68 million euros) bonus and a stock grant of $6.9 million (5.7 million euros).

His decrease in compensation is a reflection of the pandemic-struck year during which auto plants around the globe idled for weeks last winter and spring. Manley also took a 50% salary cut for three months starting in March, while other FCA executive council members had a 30% cut as most salaried employees saw a temporary 20% salary deferment to protect the company's financial health. The automaker in 2020 made $29 million in net income, a 99% decline year-over-year, on $104.8 billion in revenue, a 20% decrease.

FCA chairman John Elkann, who now holds that position at Stellantis, in 2020 received $2.34 million (1.93 million euros) in direct compensation, a 39% decrease from last year. That includes a base salary of $264,995 (218,877 euros) and stock grant of $2.07 million (1.71 million euros). Total remuneration was $2.9 million (2.39 million euros).

FCA's chief financial officer, Richard Palmer, who holds that role at Stellantis now, received $4.87 million (4.02 million euros) in direct compensation in 2020. That was a 7.6% increase from his 2019 compensation starting in April of that year, when he joined the board of directors. The 2020 compensation breaks down to a $1.4 million (1.16 million euros) base salary, a $1.21 million (1 million euros) bonus and $2.25 million (1.86 million euros) in stock grants. Total remuneration was $5.41 million (4.47 million).

GM CEO Mary Barra in recent years has been the highest-paid Detroit Three executive. GM paid Barra $21.6 million in compensation in 2019.

Twitter: @BreanaCNoble