New Fiat Chrysler CEO Mike Manley Could Make $14 Million Annually: Report
Serving as the replacement to FCA's late former executive Sergio Marchionne, Manley could earn as much as $10 million from company shares alone.
Per a new earnings target announced by the auto manufacturer on Friday, Fiat Chrysler Automobiles CEO Mike Manley could make as much as $14 million annually from 2019 onward, Reuters reports.
Manley, who replaced the late Sergio Marchionne after the longtime executive's departure and unfortunate death in July, was reportedly paid $680,240 for 2018 with a bonus of $367,000 to be paid this year. Additionally, Manley was awarded 180,364 FCA shares for his initial five-month stint at the company which will carry over to 2019. Reuters reports that those shares were valued at $16.61 per when they were granted to the chief executive.
FCA has set an annual earnings target for Manley consisting of a $1.6 million salary along with $2.4 million in bonuses and an equity reward of $10 million. The latter two are dependent on the automaker's performance this year, which it expects to be on the up-and-up thanks to its recent Jeep-led swing.
Marchionne, meanwhile, was paid nearly $7.5 million for his work in 2018 before accounting for his shares in the company. The Italian-Canadian businessman received 2.8 million FCA shares from 2014 to 2017, boosting his annual earnings significantly given their value of $14.84 per.
Manley formerly served as the head of both Jeep and Ram before being promoted to CEO last year. It was then that he replaced Marchionne, who had operated as the FCA boss since 2004. Since his appointment as chief executive, Manley has been faced with significant challenges including the industry-wide trade conundrum as well as the reckoning of brands like Maserati and Chrysler.