March 1, 2017 / 12:43 AM / 3 years ago

Fiat Chrysler CEO 2016 compensation was $12 million-filing

DETROIT, Feb 28 (Reuters) - 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 euros).

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

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