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Marchionne gets $3.34 million from Fiat Industrial

Published: March 17, 2012 | 9:57 am
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Sergio Marchionne earned $3.34 million, or 2.56 million euros, as chairman of Fiat Industrial in 2011, the construction equipment and commercial truck manufacturer said in a report.

Marchionne received a salary of $1.6 million, or 1.25 million euros, and a bonus of $1.6 million, or 1.26 million euros, according to Fiat Industrial’s compensation report.

Hired in 2004 to rescue Fiat, Marchionne engineered a turnaround of Italy’s most-prominent manufacturer before Europe ran headlong into a recession that has dramatically curtailed car and truck sales.

Last year, Marchionne oversaw the separation of Fiat Industrial and Italian carmaker Fiat, but remains the top executive at both companies. He has been working to fully merge Fiat and Chrysler since the Italian automaker became Chrysler’s controlling shareholder in 2009.

Shares of Fiat Industrial closed at 8.26 euros Friday, down from a 52-week high of 10.50 euros last April.

As CEO of Fiat, Marchionne received $18.9 million in compensation in 2011.

He also is chairman and CEO of Chrysler, which emerged from Chapter 11 bankruptcy in 2009 with the aid of federal loans that have since been repaid. Last year, Marchionne received no salary, bonus or stock from Chrysler.

Chrysler earned a profit of $183 million for 2011 — its first since 2005. Fiat, however, would have lost money without Chrysler’s improving performance and profits.

Excluding Chrysler’s profit, Fiat lost $265 million in the fourth quarter of 2011. Fiat shares have lost 17.5% of their value since March 16, 2011.

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