Marchionne’s pay out as Fiat CEO falls to $5 million in 2013

Underneath a separate stock incentive program, Marchionne was also granted the proper to get 2.3 million Fiat shares — really worth close to $ 25 million at present charges — but has but to workout that correct.

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March 11, 2014 – 2:46 pm ET

MILAN (Reuters) — Fiat S.p.A. paid CEO Sergio Marchionne 3.6 million euros ($ 5 million) in money final yr, like a bonus and incentives, down from 4.5 million euros in 2012, the group’;s compensation report showed.

Marchionne had a fixed remuneration of 2.3 million euros and a 1.3 million euro bonus for reaching specific efficiency targets, Fiat explained in a statement on Monday.

The firm did not recognize the targets employed to determine the bonus.

Underneath a separate stock incentive program, Marchionne was also granted the proper to get 2.3 million Fiat shares — really worth around $ 25 million at current costs — but has however to exercising that appropriate, the organization mentioned. Marchionne previously held 3 million Fiat shares at the end of 2013.

Fiat, which earlier this yr took total management of Chrysler Group, stated Marchionne did not get any financial compensation for his role as CEO of Chrysler.

Nonetheless, he acquired positive aspects and stock awards well worth $ 307,989 final 12 months for heading the American carmaker, in accordance to a firm filing with U.S. regulators.

Marchionne has been CEO of both automakers given that Chrysler emerged from bankruptcy in 2009 and will stay as the head of the merged Fiat Chrysler Vehicles for at least the up coming 3 years. The 61-year-old did not use existing stock choice programs throughout 2013.

Fiat reported a 2013 trading revenue of 3.39 billion euros, down from 3.54 billion the previous year, largely hit by a weaker functionality in Latin America. It scrapped its dividend on 2013 earnings to protect money following taking manage of Chrysler.

Marchionne is due to unveil a new industrial program in Could, such as new versions from its Maserati, Alfa Romeo and Jeep manufacturers the organization will produce for exports to Asia and the Americas.

The strategy seeks to restore Fiat to profitability in Europe, a market place only slowly recovering from a 6-year slump in automobile revenue.

In addition to Chrysler and Fiat, Marchionne was also paid 2.one million euros for his part as executive chairman of tractor and trucks maker CNH Industrial. The organization was produced final year from the merger of Fiat Industrial and its CNH unit.

Marchionne has the correct to obtain 366,667 CNH Industrial shares for 2013 beneath the company’;s stock incentive program, but has but to physical exercise that right, CNH said.

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