Marchionne Gains €10.7 Million on Ferrari Spinoff

Marchionne

Fiat Chrysler Automobiles NV CEO Sergio Marchionne netted nearly €11 million last month by exercising stock options at an opportune moment, Bloomberg News notes.

Marchionne used an option that was to expire on Nov. 1 to buy 6.25 million FCA shares on Oct. 30. He sold the same number of shares a day later. Marchionne made the same play with stock in CNH Industrial NV, the company Fiat SpA created last year by merging its CNH farm machinery and Fiat Industrial truck operations.

Bloomberg cites financial filings that show Marchionne spent €83.6 million to buy stock in the two companies and sold them for €94.3 million.

FCA announced on Oct. 29 that it would spin off its Ferrari supercar unit. The news triggered a 13% jump in FCA's stock price. Bloomberg figures Marchionne would have earned only €3.4 million if he had exercised the options the day before the Ferrari announcement.