Marchionne Sells 1.4 Million FCA Shares to Pay Taxes

Fiat Chrysler Automobiles NV CEO Sergio Marchionne has sold 1.4 million common shares in the company to cover tax liabilities on recently vested equity incentives. The sale leaves him with 13 million shares in the company.

FCA notes that Marchionne recently made a similar sale of shares in CNH Industrial NV, the company Fiat created in 2013 by combining its CNH farm machinery unit with Fiat Industrial truck operations.

Marchionne exercised stock options for both companies late last year, buying and then selling shares a day later. Bloomberg News estimated Marchionne gained €10.7 million in the two plays.