Fiat Cuts Marchionne’s Compensation 28%

Fiat Group paid CEO Sergio Marchionne €3.6 million in salary, bonuses and incentives for his work in 2013, down from the €5 million he received in 2012.

The company says Marchionne received a salary of €2.3 million and a €1.3 million bonus for achieving unspecified performance goals. He also was given but has not exercised the right to receive 2.3 million Fiat shares (worth about €18 million) to add to the 3 million shares he holds currently.

Fiat says Marchionne collected $308,000 in stock and benefits for his role as CEO of Chrysler Group (€221,700) last year. But contrary to earlier reports, the company says he did not receive any direct cash for his work there.

Marchionne also was paid €2.1 million as CEO of CNH Industrial, the truck and tractor company Fiat created last year by merging its Fiat Industrial and CNH units.