FCA's Sergio Marchionne took a 68% pay cut in 2015, but still holds a larger stake in his company than rival leaders do in their companies.

Fiat Chrysler Chief Executive Sergio Marchionne’s compensation in 2015 dropped by 68% from the previous year when he was rewarded for completing the merger and integration of Italian carmaker Fiat SpA and U.S.-based Chrysler Group.

Not including stock awards, Marchionne earned 10.03 million euros, or $10.9 million, down from 31.3 million euros in 2014, according to the company’s annual report made public on Monday.

Marchionne, 63, received a salary of 3.6 million euros and was awarded 6.3 million in incentive compensation, as well as a travel allowance of 126,620 euros. His 2014 compensation included a one-time bonus of 24.7 million euros for finishing the Fiat-Chrysler merger.

Sergio Marchionne also most of his individual wrapped up in shares of Fiat and CNH, the two principal elements of Fiat Holding and the new shares of Ferrari VV. Marchionne is chairman of CNH and Ferrari, according to Bloomberg.

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The Fiat CEO’s total publicly disclosed holdings were valued at an estimate $232 million. Marchionne’s stake in his company is larger than that of any rival executive, according to Bloomberg, which estimated Carlos Ghosn, CEO of Nissan Motor Co. and Renault SA, has shares in the automakers valued $49 million, while Mark Fields, CEO of Ford Motor Co., has company stock worth about $12 million, while General Motors’ Mary Barra owns about $3.2 million worth of shares in GM.

The value of Marchionne’s stake dropped by approximately $50 million, according to Bloomberg. He, however, doesn’t plan to retire until the end of 2018, giving him time to regain lost ground should his strategy make headway, Bloomberg noted.

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Marchionne has accumulated his holdings via stock option plans and grants at the Italian carmaker. He currently owns 14.6 million Fiat shares, his single biggest asset. He’s also one of Ferrari’s top 10 investors thanks to the 1.46 million shares he got as part of the spin-off of the supercar maker at the beginning of 2016.

Earlier this month, he was awarded 750,000 shares in truck and tractor maker CNH. He will receive an additional 1.5 million CNH shares by end of 2018 as part of the company’s compensation plan, Bloomberg noted.

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Seeking Alpha.com said, “With 82% of adjusted operating profit coming from the U.S., it’s fair to say that Fiat-Chrysler’s business is reliant on Americans buying trucks. Forget about Chrysler Sedans and that Fiat 500 thing, this is a SUV/Truck company.”

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