The outcomes are in for government compensation for the Big Three automakers in 2022, and Mike Manley, who wasn’t an government at a Big Three automaker in 2022, led folks that had been executives at Big 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 12 months from Stellantis, in response to Automotive News. Manley has been CEO of AutoNation, which isn’t an automaker, since late 2021.
In case you missed it:
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 News reported again then that Manley bought what feels like a candy deal.
According to calculations by Automotive News Europe, Manley may obtain as much as 51.4 million euros ($62.7 million) as a money retention award, based mostly on his newest revealed 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 worth on Dec. 30.
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The Stellantis merger prospectus, issued in November, says that for each Manley and Palmer the money retention award will substitute the rights that they had underneath FCA’s Equity Incentive Plan, with a “qualifying termination of employment, with accelerated vesting of all outstanding awards under the plan and severance payments as contemplated by their employment agreement as applicable,” in case of “certain changes in role following the closing of the Merger (including no longer serving as a member of the board of directors).”
The money retention award to each executives is “payable on a specified date after closing of the Merger upon the satisfaction of certain conditions,” the prospectus says.
These are the provisions within the prospectus:
- With respect to Manley, the money retention award will substitute, 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,
- substitute sure different severance rights, with such portion of the retention award equal to 1 time his annual base wage, and
- present a recognition award with a worth equal to roughly 5 instances his annual base wage.
This is, as they are saying, good work if you will get it, although additionally fairly typical of government compensation after a merger between two multinational firms. Auto News additionally says that Manley bought $13.5 million in compensation final 12 months from AutoNation, so the following time you’re out with Mike Manley you’ll want to depart him with the invoice.
As for the others, Barra bought round $29 million in compensation final 12 months, in response to paperwork filed with the Securities and Exchange Commission, whereas Tavares bought $25.6 million and Farley bought $21 million. Come to consider it, subsequent time you’re out with any CEO make certain they take the invoice.
Source: jalopnik.com