Fiat Chrysler Automobiles CEO Mike Manley and CFO Richard Palmer will be eligible for cash retention awards worth tens of millions of dollars after FCA merges with PSA Group to form Stellantis, company filings show.
According to the documents, Manley and Palmer will receive the payments for certain possible role changes in the merged company, including specifically if they are not appointed to the Stellantis board of directors.
The latter change is already certain, as neither has been nominated to serve on the 11-member Stellantis board, which will be led by FCA Chairman John Elkann. Manley has served on FCA’s board of directors since July 2018 and Palmer since April 2019.
FCA and PSA shareholders on Monday approved the terms of the Stellantis merger, including the designated board members. The approval clears the way for the merger to close on Jan. 16 and for Stellantis shares to be publicly listed on Jan. 18 in Europe and on Jan. 19 in…