Fiat chief executive Sergio Marchionne received total compensation valued at around EUR14.5m (US$18.9m) last year, mostly in shares.

This included a base salary of EUR2.45m for 2011, the company said in a report on executive compensation posted on its website. This was down from EUR3.46m a year earlier.

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Marchionne was appointed to lead the Italian automaker in 2004. He has also been granted 4m shares in both Fiat and Fiat Industrial SpA, which was spun off into a separately listed unit early last year.

Chairman John Elkann received a salary of EUR1.35m and Luca Cordero di Montezemolo, Fiat’s former chairman and now a board member as well head of its Ferrari division, earned a base salary of EUR5.55m.

Marchionne, who is also CEO of Chrysler, declined a salary or bonus from the US automaker for the second consecutive year.

Fiat took control of Chrysler during its bankruptcy in 2009 and now owns 58.5% of its stock. For 2011, Fiat posted double digit percentage increases in its results thanks to its US partner’s contribution.

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