John Elkann he could be the highest paid manager in Italy. The president of Stellantis, a car manufacturer resulting from the merger between FCA and PSA, would have accumulated considerable wealth over the last ten years, receiving on average twenty million euros a year from the companies it controls within the Exor holding, essentially the family business more ‘direct’ of the Agnelli dynasty.
According to what is reconstructed by ‘Domani’, Elkann would take a salary of over 8.5 million euros from Exor, much more than what someone like Warren Buffett, who takes 380,000 dollars from Berkshire Hathaway, gets for himself. “Exor’s financial statements report that Elkann’s compensation rose from just under one million euros in 2008 to over 10 million in 2019, and then dropped to 8.5 million last year, when all the board members agreed wages are reduced in times of Covid. The figures include base salaries and the estimated costs to the company of stock compensation from all subsidiaries; however, the latter underestimate the actual amount of Elkann’s earnings on share plans“, We read in Stefano Feltri’s newspaper.
Thanks to stock options and other transactions, Elkann would have earned 160 million euros over the last ten years, for an average of 16 million euros per year. But in addition to these, other bonuses and various salaries must be added, to reach the figure of 20 million euros every year. There has never been a protest about this economic gain within the boards of directors and from investors, who are especially interested in the value of the companies – which work properly around the management of John Elkann.
Meanwhile, Exor continues to grind important transactions: recently it reached an agreement for the sale of PartnerRe to the French company Covéa for 9 billion dollars (7.7 billion euros). “With that liquidity, Exor will be able to think a little bigger in its strategy of acquiring high-potential companies“, Writes Forbes.