Sergio Marchionne is a multitasker: He has been knighted in Italy in 2006, and is CEO of two carmakers, Fiat and Chrysler. Money-wise, he’s just getting by. A 300-page filing with the SEC revealed that his pay as CEO of Chrysler equals what he draws from his knighthood: Niente. Marchionne received no cash salary from the company. He didn’t work entirely for nothing though.
Marchionne “was given 361,446 shares for his services as a director from June 2009 to June 2012,” reports Reuters. In June 2009, that stock was worth $600,000. On December 31, 2010, the paper value of the shares had risen to nearly $2.9 million, Chrysler spokesman Gualberto Ranieri said.
The value of $7.95 a share is described by Ranieri as a “theoretical value.” Chrysler isn’t public yet, and nobody has paid any money for Chrysler stock.
Even back home, Marchionne took a haircut: Fiat paid Marchionne $4.8 million last year. That’s 27 percent below Sergio’s 2009 salary. Now we know why Sergio can’t afford a proper tie and has to run around in the same old sweater year round.
What’s the pay at other carmakers? Ford and General Motors are expected to disclose their executive pay packages by the end of April.
Sergio,
It is better to give than to receive and you must forgive them for they know not what they do.
Many are called but few are chosen.
Makes you want to toss your cookies remembering this:
https://www.thetruthaboutcars.com/2008/02/chryslers-lasorda-scores-15737284-from-cerberus-deal/
Ohh, and how much did Bob Eaton get to step aside in 1998?!!
most egomaniacs have ulterior motives. beware….
I am beginning to get the sense that Fiat/Chrysler is benefiting from not receiving so much attention from the Obama administration as GM has gotten.
I’m an old Mopar fan and would enjoy seeing a resurgence of Chrysler.
Im open minded to Sergio’s moves. I won’t believe in an ulterior motive till I see it. I’m gonna root for the underdog here and wish Chrysler well.
me too.
I like him even more now. I really think Fiat and Chrysler is a marriage made in heaven, much unlike the Daimler-Chrysler mishmash.
The Lancia Grand Voyager ruined it for me. Yes, it’s just one product, but for me it shows a lack of understanding of what a brand (in this case Lancia) is about.
The good thing about Sergio was that he seemed to know what he’s talking about, not only numbers and figures on a spreadsheet but also product wise. That gave his whole bold attitude towards doing deals with unions and the Chrysler people some credibility. A clear vision of where he wanted the brands to go.
To then go and introduce this http://www.autoblog.nl/archive/2011/02/14/lancia-grand-voyager-alleen-het-logo-is-geshopt …
Unbelievable.
I believe they have given a clear vision of where Lancia is headed…. which is into nothing. Make a few models by rebadging chrysler products until they can shut it down.
I like U2 as well, but I wouldn’t make a career out of it.