Fiat Chrysler Automobiles NV (FCA) has set an annual compensation target for CEO Mike Manley consisting of pay, cash and equity bonuses of $14 million, the automaker stated in a regulatory filing on Friday.
Manley took over as the head of FCA on July 2018 after the unexpected departure of his predecessor Sergio Marchionne. The company paid its new CEO 600,442 euros ($680,240) for last yer and he will receive a bonus for 2018 of $367,000 to be paid in 2019.
Manley also was granted FCA 180,364 shares for his contributions in 2018, which will vest in this year if the company meets particular targets. The fair value per share on the date those were granted was $16.61, FCA stated.
His target annual compensation includes a base salary of $1.6 million, and a bonus of $2.4 million and an equity award costing $10 million, both associated to the company hitting certain performance targets.
Former CEO Marchionne received 6.6 million euros in compensation for 2018, which includes almost 2 million euros in base pay and a yearly bonus for 2017 of just over 4.6 million euros.
For the 2014 to 2017 duration, Marchionne also got 2.8 million FCA shares. The fair value each share was $14.84, FCA stated.
FCA chairman John Elkann got a base salary of 1.7 million euros though no annual bonus.