DETROIT — Mike Manley had more than $14.4 million (13.3 million euros) in total compensation in 2019, his first full year as CEO of Fiat Chrysler Automobiles.
The figure, included in an annual filing with the U.S. Securities and Exchange Commission on Tuesday, was in line with the $14 million for the year that the company projected when it released his 2018 compensation figures.
Manley’s compensation, which is 232 times that of an average employee’s $62,259 represents a significant increase over the prior year because he only served part of the year as CEO in 2018 after taking over for Sergio Marchionne, who died unexpectedly. Manley had total compensation in 2018 of $3.2 million (2.98 million euros).
The $14.4 million, however, does not represent a direct payment to Manley.
It incorporates non-monetary, or fringe, benefits such as tax preparation as well as retirement-related charges, and his total direct compensation was $12.4 million (11.5 million euros).
Manley’s compensation includes base salary of $1.6 million (1.4 million euros), a bonus of $1.3 million (1.2 million euros) and long-term incentive of $9.6 million (8.8 million euros).
Ford and General Motors have not yet released their CEO compensation for 2019. But Manley’s 2019 compensation trails what his counterparts made the previous year: General Motors’ Mary Barra earned $21.87 million in total compensation in 2018, and Ford’s Jim Hackett earned $17.8 million for 2018, the Free Press has reported.
General Motors plans to release CEO compensation near the end of April and Ford in early April.
FCA also released compensation figures for Chairman John Elkann and Chief Financial Officer Richard Palmer.
Elkann had total compensation of $4.2 million (3.8 million euros), including fringe benefits, but his total direct compensation, including long-term incentive, was $2.5 million (2.3 million euros). His base salary was $970,866 (893,276 euros)
Palmer, whose compensation was pro-rated based on his board appointment in April, had total compensation of $4.4 million (4.03 million euros), including fringe benefits, but his total direct compensation was $4.06 million (3.7 million euros). He had a base salary of $1 million (923,916 euros).
The release of compensation figures follows FCA’s earnings release for the 2019. The company said it made $7.37 billion (6.7 billion euros) for the full year, before interest and taxes, with net profit from continuing operations of $2.97 billion (2.7 billion euros), 19% less than a year earlier.
FCA’s 44,000 UAW-represented workers are to receive $7,280 in profit-sharing checks for the year.