UK: Italians lead automotive industry executive pay survey
Fiat and its Ferrari subsidiary awarded the highest compensation in the European industry to some of their key executives last year, according to a survey by Automotive News Europe. Fiat group, which in 2002 suffered its highest net loss ever, €4.26 billion, paid its CEO, Paolo Cantarella, €1.3 million for less than six months on the job. Cantarella was fired on June 10, 2002. The year before, Cantarella had earned slightly more than €3 million, which made him Europe's highest-paid CEO by a long margin. Cantarella, after 25 years with the company, was also granted a €20 million severance package in 2002.
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