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It has long been understood that holding the position of CEO at a major automotive company, particularly among Detroit’s Big Three, comes with generous compensation. In 2016, the Michigan-based brands—Ford, General Motors, and Fiat Chrysler Automobiles (FCA)—paid their top executives tens of millions of dollars each, and 2017 figures are anticipated to be similar. FCA’s CEO, Sergio Marchionne, who is known for his casual sweaters, earned nearly $12 million in 2017, excluding his stock returns.
When all elements are taken into account, Marchionne’s total compensation from FCA reached around $48 million, as reported by The Detroit News. He was granted 2.79 million shares in the company, significantly boosting his total earnings and making his salary appear modest compared to his counterparts: Mary Barra of GM received $22.6 million, while former Ford CEO Mark Fields earned $22.1 million, which included an extraordinary $57 million bonus upon his dismissal.
Marchionne is set to retire in April 2019, a decision that has been a key element of his five-year strategic plan. During his tenure, there have been speculations about significant changes at FCA, including the possible sale of iconic brands like Jeep and Ferrari, although these changes have yet to materialize. As he approaches retirement, it is likely that Marchionne will adhere to traditional practices to provide a clear path for his successor.
Recognized by The Drive as one of the pivotal figures in the automotive industry, Marchionne has maintained his esteemed position through successful management of several well-established brands, achieving consistent year-on-year growth.
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