Detroit Free Press - Fiat paid CEO Sergio Marchionne $18.9 million in salary and incentive pay in 2011, the Italian automaker disclosed Thursday.
Chrysler disclosed last week in a regulatory filing that it didn’t pay Marchionne a salary for 2011. Fiat, which owns 58.5% of Chrysler, is responsible for his compensation.
Marchionne, received a salary of 2.45 million euros ($3.2 million), and stock options valued at 12.01 million euros ($15.68 million).
In addition to heading Fiat and Chrysler, Marchionne also is chairman of Fiat Industrial, a construction equipment and truck company spun off from Fiat last year. Fiat Industrial has not yet disclosed Marchionne’s 2011 compensation.
Chrysler emerged from Chapter 11 bankruptcy in June 2009 with the aid of loans from the U.S. and Canadian governments. Last year, Chrysler repaid all of its outstanding obligations. That lifted the U.S. Treasury’s executive compensation pay restrictions for Chrysler, but the company continued to follow them anyway.
In 2010, General Motors paid CEO Dan Akerson a $1.7-million salary, stock-based compensation of $5.3 million and $2 million in restricted stock, according to an SEC filing.
General Motors, which also exited Chapter 11 bankruptcy with help of federal loans, remains under federal pay restrictions because the U.S. government still owns 26% of its shares. GM has not yet disclosed compensation for its top executives for 2011.
Ford disclosed last year that it paid President and CEO Alan Mulally $26.5 million in total compensation for 2010. Mulally’s compensation drew criticism from UAW President Bob King in the midst of contract talks last year.
Ford disclosed last week that it awarded Mulally stock worth about $34.5 million based on a long-term incentive plan but has not yet disclosed Mulally’s total compensation for 2011.
