Fiat Industrial Pays Big Compensation to Its CEO
It has been found in a recent report that Sergio Marchionne, who is the chairman of Fiat Industrial, has received $18.9 million in the year 2011 as compensation.
Marchionne is also the CEO of Chrysler, which came up from the Chapter 11 bankruptcy in 2009. While he has not received any compensation or bonus from Chrysler, Fiat Industrial has given him 2.56 million Euros in 2011, reveals the report.
The report has uncovered that the CEO of the two companies was hired by Fiat Industrial in the year 2004, to rescue Fiat. It has been found that Marchionne contributed in creating a large circle of the leading manufacturer in Italy. Also, it is being said that his efforts helped the organization during the time of the recession in Europe.
Besides, it has been unfolded that he had also seen the parting of Fiat Industrial and Italian carmaker Fiat. Although, it did not affect his position of CEO and he has currently been working to combine both again.
According to the findings of the report, his total compensation of $3.34 million includes a salary of $1.6 million and a bonus of $1.6 million.
New Zealand News
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