Marchionne Chrysler pay fell in 2013, Fiat pay announced later
DETROIT, March 7
DETROIT, March 7 (Reuters) - Fiat Chrysler Automobiles Chief Executive Sergio Marchionne made salary and stock awards worth $307,989 last year for heading Chrysler Group LLC, according to a filing with U.S. regulators by the American automaker on Friday.
Marchionne's Chrysler pay is expected to be a fraction of his total compensation once the Fiat side of the business announces his compensation. Marchionne's compensation from Fiat for 2013 will be announced later this month.
The details on his Chrysler pay were contained in a filing with the U.S. Securities and Exchange Commission.
Fiat SpA, based in Italy, and Chrysler Group LLC, headquartered in Michigan, were merged in January. The newly formed company is to be traded primarily in New York, as well as in Milan, beginning later this year.
Marchionne, 61, was the CEO of both companies before the merger.
In 2012, he was paid in salary and equity awards the equivalent of about 13.2 million euros, or $18.3 million at current exchange rates, from Fiat SpA and its affiliates, according to a Fiat company report.
Marchionne's compensation from Chrysler in 2013 was down from the previous year, which totaled $1.23 million. In 2011, he declined a salary from the American automaker.
The drop in pay last year for Marchionne and other top Chrysler executives is because the 2012 compensation included performance incentives accrued over three years.
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