It’s no secret that top car executives make big money, but the situation at the Fiat Group is particularly interesting. How else could one describe the fact that in 2010, Ferrari‘s chairman, Luca Cordero di Montezemolo, was paid more than twice the amount of money than the CEO of the entire Fiat Group, Sergio Marchionne?
The Ferrari boss pocketed €8.7 million in 2010 (US$12 million), while Marchionne received a paycheck of €3.5 million ($4.8 million). For his role at Ferrari, di Montezemolo received €7.549 million, with the rest of the amount being awarded for his contribution as Fiat CEO between 2004 and 2010. Marchionne’s compensation was €3.05 million as head of Fiat and €423,300 for his role at Fiat’s Swiss branch.
Let’s face it, running a business like Ferrari can’t be twice as difficult as running the entire Fiat Group. But it sure pays a whole lot better. The third best paid executive in the group last year was Angelli heir and Fiat Group chairman, John Elkann, who earned €589,000, while all other board members made between €65,000 and €95,000 each.
By Dan Mihalascu
Source: AutonewsEurope
