The outcomes are in for government compensation for the Huge Three automakers in 2022, and Mike Manley, who wasn’t an government at a Huge Three automaker in 2022, led those that had been executives at Huge Three automakers in 2022, together with GM CEO Mary Barra, present Stellantis CEO Carlos Tavares, and Ford CEO Jim Farley. Manley acquired $56.2 million in compensation final yr from Stellantis, in line with Automotive Information. Manley has been CEO of AutoNation, which isn’t an automaker, since late 2021.
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Manley’s payout was a part of an settlement struck after the merger between Fiat Chrysler and Peugeot was introduced, a tie-up later named Stellantis. Automotive Information reported again then that Manley bought what feels like a candy deal.
In keeping with calculations by Automotive Information Europe, Manley may obtain as much as 51.4 million euros ($62.7 million) as a money retention award, based mostly on his newest printed base wage, the variety of FCA efficiency share models and FCA restricted share models granted to him inside his incentive plan and on the worth of FCA’s share value on Dec. 30.
The Stellantis merger prospectus, issued in November, says that for each Manley and Palmer the money retention award will change the rights they’d below FCA’s Fairness Incentive Plan, with a “qualifying termination of employment, with accelerated vesting of all excellent awards below the plan and severance funds as contemplated by their employment settlement as relevant,” in case of “sure modifications in function following the closing of the Merger (together with not serving as a member of the board of administrators).”
The money retention award to each executives is “payable on a specified date after closing of the Merger upon the satisfaction of sure situations,” the prospectus says.
These are the provisions within the prospectus:
- With respect to Manley, the money retention award will change, efficient as of the closing of the Merger, his excellent FCA efficiency share models and FCA restricted share models, with such portion of the retention award calculated based mostly on the worth of such awards on the closing of the merger,
- change sure different severance rights, with such portion of the retention award equal to at least one time his annual base wage, and
- present a recognition award with a worth equal to roughly 5 occasions his annual base wage.
That is, as they are saying, good work if you may get it, although additionally fairly typical of government compensation after a merger between two multinational firms. Auto Information additionally says that Manley bought $13.5 million in compensation final yr from AutoNation, so the subsequent time you might be out with Mike Manley you’ll want to go away him with the invoice.
As for the others, Barra bought round $29 million in compensation final yr, in line with paperwork filed with the Securities and Alternate Fee, whereas Tavares bought $25.6 million and Farley bought $21 million. Come to think about it, subsequent time you might be out with any CEO be sure they take the invoice.