Sergio Works Pro Bono
Sergio Marchionne is a multitasker: He has been knighted in Italy in 2006, and is CEO of two carmakers, Fiat and Chrysler. Money-wise, he’s just getting by. A 300-page filing with the SEC revealed that his pay as CEO of Chrysler equals what he draws from his knighthood: Niente. Marchionne received no cash salary from the company. He didn’t work entirely for nothing though.
Marchionne “was given 361,446 shares for his services as a director from June 2009 to June 2012,” reports Reuters. In June 2009, that stock was worth $600,000. On December 31, 2010, the paper value of the shares had risen to nearly $2.9 million, Chrysler spokesman Gualberto Ranieri said.
The value of $7.95 a share is described by Ranieri as a “theoretical value.” Chrysler isn’t public yet, and nobody has paid any money for Chrysler stock.
Even back home, Marchionne took a haircut: Fiat paid Marchionne $4.8 million last year. That’s 27 percent below Sergio’s 2009 salary. Now we know why Sergio can’t afford a proper tie and has to run around in the same old sweater year round.
What’s the pay at other carmakers? Ford and General Motors are expected to disclose their executive pay packages by the end of April.
Bertel Schmitt comes back to journalism after taking a 35 year break in advertising and marketing. He ran and owned advertising agencies in Duesseldorf, Germany, and New York City. Volkswagen A.G. was Bertel's most important corporate account. Schmitt's advertising and marketing career touched many corners of the industry with a special focus on automotive products and services. Since 2004, he lives in Japan and China with his wife <a href="http://www.tomokoandbertel.com"> Tomoko </a>. Bertel Schmitt is a founding board member of the <a href="http://www.offshoresuperseries.com"> Offshore Super Series </a>, an American offshore powerboat racing organization. He is co-owner of the racing team Typhoon.
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most egomaniacs have ulterior motives. beware....
I am beginning to get the sense that Fiat/Chrysler is benefiting from not receiving so much attention from the Obama administration as GM has gotten. I'm an old Mopar fan and would enjoy seeing a resurgence of Chrysler.
Im open minded to Sergio's moves. I won't believe in an ulterior motive till I see it. I'm gonna root for the underdog here and wish Chrysler well.
I like U2 as well, but I wouldn't make a career out of it.