DETROIT Feb 28 Fiat Chrysler Automobiles NV
Chief Executive Sergio Marchionne received
$12 million (10.83 million euros) in pay and benefits for 2016,
the automaker reported to the U.S. Securities and Exchange
Commission on Tuesday in its annual report.
The 2016 pay package did not include any FCA stock awards.
For 2015, Marchionne, 64, received total compensation estimated
at $74 million, which included shares worth about $63 million at
the time they vested.
Marchionne's salary for last year was $4 million (3.6
million euros). He received a bonus of $7 million (6.2 million
euros), which was based on his 2015 performance and was
disclosed a year ago. In addition, he received $1 million
(917,670 euros) in benefits including insurance premiums, tax
preparation and tax equalization, FCA said.
Marchionne's bonus for his 2016 performance to be paid in
2017 was revealed on Tuesday as $6.5 million (6.14 million
FCA said that Marchionne's stock award for performance on
the company's 2014-2018 business plan will not be issued until
this year. Also, it said that his 2015 stock awards were a
one-off and not related to a single year's performance.
FCA reported Marchionne's compensation in euros. The
conversion rate for 2016 compensation was based on the average
for the year of $1.107 per euro. The 2016 bonus to be paid in
2017 was based on the current conversion rate of $1.06 per euro.
Marchionne owns 14.62 million shares, or about 1.13 percent
of FCA common shares.
Marchionne is also CEO and chairman of Ferrari NV
and chairman of CNH Industrial NV. Tuesday's SEC
filing showed only his compensation for FCA, which has
operational headquarters in Turin, Italy and Auburn Hills,
Michigan, and financial headquarters in London. The company is
registered in The Netherlands.
(Reporting by Bernie Woodall; Editing by Cynthia Osterman)