Chrysler Announces 2012 Executive Compensation, Many Receive Double Their 2011 Earnings

Mar 08, 2013 10:49 AM EST

Chrysler released figures for the 2012 compensation of their top five executives, showing that CEO Sergio Marchionne received $1.2 million last year. Other top four executives received significant bonuses that more than doubled their 2011 compensation, according to a report from the Detroit Free Press.

The majority of Marchionne's pay package was in the form of stock award or stock options with a total estimated value of $1.1 million. The remaining $100,000 is the estimated value of company perks, such as housing expenses, the article said.

Marchionne will also likely receive a healthy compensation package as the CEO of Fiat. Fiat, which owns 58.5 percent of Chrysler, will disclose Marchionne's 2012 compensation in the coming weeks.

In 2011 Marchionne accepted no money from Chrysler and close to $19 million in compensation from Fiat.

According to the Free Press, Chrysler's other top four executives received 2012 compensation more than double from the previous year because they became eligible for a bonus and capitalized on a performance program for the first time.

Richard Palmer, Chrysler's chief financial officer and senior vice president, received $3.7 million, including a $474,000 bonus. Holly Leese, former general counsel, received $4.1 million, including a $312,100 bonus.

Nancy Rae, senior vice president of human resources, received $3.3 million, including a $374,130 bonus. Michael Manley, senior vice president of international operations and CEO of Jeep, took in $3 million, including a $380,000 bonus.

The top executives were not eligible to participate in a performance and bonus plan until 2012 because of restrictions related to loans Chrysler received from the U.S. and Canadian governments, the report said. Chrysler repaid those loans in 2011.

Marchionne has not received any cash salary from Chrysler since he became CEO in 2009, the article said.

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