Chrysler Group’s annual filing revealed that head honcho Sergio Marchionne declined to take home any money or shares as compensation for his leadership, despite the company returning a profit in 2011.
Marchionne’s pockets are far from empty, however, as he received a (so-far-unspecified) salary and rewards package from Italian manufacturer Fiat SpA – of which he is also CEO – for his services last year. In 2010, Fiat’s compensation of Marchionne totalled approximately US$4.5 million ($4.3 million).
While Chrysler’s CEO turned down any form of remuneration, Ford Motor Co. CEO Alan Mulally’s worth rocketed up US$34.5 million ($32.9 million) following the vesting of bonus stock awards he was granted in 2009. Three years ago, those 2.9 million shares were valued at a comparatively humble US$5.6 million ($5.3 million). The surging value means Ford has awarded Mulally more than US$100 million ($95 million) in the past two years.
Ford has returned a profit of US$29.5 billion ($28.1 billion) over the past three years, largely making up for the US$30.1 billion ($28.7 billion) losses the company recorded between 2006 and 2008. Unlike Chrysler and General Motors, Ford avoided bankruptcy at the height of the global financial crisis late last decade.
The 2011 pay packet of GM CEO Dan Akerson has not yet been revealed. In 2010, his compensation totalled US$2.5 million ($2.4 million), and given GM’s rise to the mantle of the world’s number one manufacturer, he seems unlikely to take a backwards step.
The same can’t be said for Daimler CEO Dieter Zetsche, however, whose pay dropped from 8.69 million euros ($10.9 million) in 2010 to 8.65 million euros ($10.8 million) last year. Daimler’s net income increased 29 per cent in 2011 to 6.03 billion euros ($7.55 billion), although Daimler’s core automotive division Mercedes-Benz slipped behind Audi into third place in terms of global luxury car sales, with BMW holding on to top spot.
Meanwhile, Volkswagen Group CEO Martin Winterkorn was the highest paid executive of any company listed on Germany’s DAX Index in 2011, taking home 17.5 million euros ($21.9 million) for his troubles.
Winterkorn’s take-home pay approximately doubled compared with the year before, although so did Volkswagen’s profits, as the company reached a sales record with 8.3 million units globally.