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Chrysler execs’ compensation

by David Zatz on

Mike Manley with Jeep

Detroit News reported that the top Chrysler executives saw reduced compensation this year past year, but only because they had been given deferred compensation in 2012.

CEO Sergio Marchionne’s total compensation fell from $1.2 million in 2012 to $308,000 in 2013. CFO Richard Palmer’s compensation dropped from $3.7 million to $2.1 million.   Brand chiefs Reid Bigland and Mike Manley each received $1.6 million this year, in Mr. Manley’s case a fall from $3.1 million in 2012 (Mr. Bigland’s 2012 compensation was not released). Mark Chernoby, in charge of engineering and coordinator of the product committee, was compensated with a total of $2.3 million.

Mr. Marchionne collects more from Fiat and CNH Industrial, which has not yet released this information.  He does not get a salary as CEO of Chrysler, but does get compensation provided to directors, along with nearly $104,000 in “housing expenses, security and expatriate allowances,” according to the article.

Adding Fiat and Chrysler together, Mr. Marchionne was given total compensation of $19 million in 2011, and $13 million in 2012, along with 17 million Fiat stock options today worth around $19 million.  By comparison, General Motors CEO Mary Barra’s compensation will be around $14.4 million in her first year, while President Akio Toyoda’s compensation is around $2 million (he also collected $4.2 million in dividends from the $256 million in Toyota stock he owns, as part of the founding family). Alan Mullaly of Ford was given $21 million in 2012.  Original story in Detroit News

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