FCA Chief Sergio Marchionne's reported compensation for 2013 from Fiat SpA was $30.5 million.
As it turns out, Sergio Marchionne does not need any salary from Chrysler to be among the highest paid automotive CEOs in metro Detroit.
Marchionne took home $5 million in 2013 as CEO of Fiat SpA, but it’s not the salary, it’s stock options that put him near the fore: 2.3 million in options worth about $25.5 million based on the Italian automaker’s current share price, according to a remuneration report released by Fiat yesterday. He hasn’t exercised any of the options.
His income breaks down as $3.2 million of salary and $1.8 million in bonuses. That total was $1.3 million less than his earnings for 2012. His total compensation in 2012 was $18.9 million – or 14.5 million Euros. Since the two companies have finally completed their merger, the newly minted FCA will likely report a single figure for 2014.
He didn’t draw a salary form Chrysler in 2013, but did get about $200,000 in stock and $107,989 in “other compensation” totaling $307,989, according to the automaker’s annual report.
So with most of the numbers in, it seems he’s going to settle in between General Motors’ CEO Mary Barra and Ford’s CEO Alan Mulally.
Barra is expected to earn $14.4 million for 2014. Barra’s proposed compensation package was revealed last month after GM scrambled to offset a backlash from earlier reports suggesting the company’s first female CEO would get less pay than the man she replaced.
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Mulally was awarded $13.8 million in stock grants for last year that he can cash in no earlier than 2016, along with $5.9 million or 540,544 shares, he can cash in now. In addition, Mulally also was given options for another 613,747 valued at $9.4 million at the current strike price of 15.37, according to the filings.
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That puts the former Boeing executive’s stock package at more than $29.1 million for 2013, according to new SEC documents. And that doesn’t include Mulally’s salary, bonuses and any other compensation that will be disclosed in a Ford proxy statement to be released before the company’s annual meeting this spring.
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In all, Mulally now owns the rights to more than 6.4 million shares of Ford stock, which is valued at nearly $100 million. Virtually all of the Ford stock was acquired since Mulally joined Ford as CEO in 2006.