Fiat Chrysler Sets $ 14 Million Annual Target Compensation for CEO Manley



[ad_1]

DETROIT – Fiat Chrysler Automobiles has set an annual compensation target for CEO Mike Manley of $ 14 million in bonuses for salaries, cash and stocks, the automaker said in a document filed on Friday.

Manley, 54, took the helm of the FCA last July after the brutal departure of his predecessor Sergio Marchionne. The company has paid its new CEO 600,442 euros ($ 680,240) for 2018 and will receive a 2018 bonus of $ 367,000 to be paid this year.

Manley is also seen awarding 180,364 FCA shares for his work in 2018, which will become acquired in 2019 if the company reaches certain goals. The fair value per share on the date of grant was $ 16.61, said FCA.

His target annual compensation includes a base salary of $ 1.6 million, a bonus of $ 2.4 million, and a $ 10 million equity award, both of which relate to that the company has achieved certain performance objectives.

FCA President John Elkann received a base salary of 1.7 million euros and no annual bonuses.

Marchionne's salary

Marchionne received a total of $ 54 million in cash benefits, benefits and shares in 2018, the year of his sudden death.

Marchionne completed approximately 2.8 million shares awarded as part of a long-term award linked to performance indicators covering several years. He also received a bonus of $ 5.2 million for 2017 and a salary of $ 2.3 million. He did not receive a bonus for last year. Fiat Chrysler also disbursed about $ 5 million for Marchionne's insurance premiums, preparation and tax equalization.

Compared to Marchionne, Manley's compensation is more in line with executive compensation programs in the United States and Western Europe: a salary, a higher target bonus and a much larger share allocation.

Marchionne has earned an annual salary of about $ 4 million during his last years of work after the Fiat and Chrysler mergers in 2014 – a much higher fixed compensation than his counterparts at automakers such as General Motors and Volkswagen. At the time of the merger, he received several important awards, most of which were linked to performance objectives extending over several years.

The compensation paid to the leaders of the automotive industry was unprecedented in the months following the arrest of Carlos Ghosn, a Renault and Nissan executive who died. The long-time leader of the French and Japanese automakers has averaged about $ 15 million in annual compensation from both companies in the years leading up to his arrest in 2018. Prosecutors have alleged that about $ 70 million in deferred payment and benefits for Ghosn had been concealed. He denied the accusations.

Bloomberg contributed to this report

[ad_2]
Source link