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Marchionne's pay as Fiat CEO falls to $5M

Sergio Marchionne will be buying fewer of his iconic sweaters, as his 2013 pay from Fiat took a dip from $6.24 million to an even $5 million. Marchionne, who was also CEO of Chrysler, made $307,989 thanks to some stocks and benefits from the American company, although he didn't take a salary. Of that $5 million paid by Fiat, $3.19 million came from Marchionne's fixed salary while the remaining $1.8 million was paid for hitting unspecified performance targets.
The news comes from Fiat's compensation reports, which also showed that the 61-year-old, who already owned three million shares in Fiat at the end of 2013, was able to receive an additional 2.3 million shares through a stock incentive program. According to Automotive News Europe, the additional shares would be worth about $25 million at today's prices, although so far, Marchionne has declined to claim the extra shares.
According to ANE, Fiat reported a 2013 trading profit of $4.7 billion.

NHTSA questions FCA's reaction to recalls, will hold public hearing

The US Department of Transportation and National Highway Traffic Safety Administration are holding a public hearing on July 2 to investigate whether FCA US is failing to fix safety problems and issue necessary notices. The agencies also want detailed accounts of the handling of 20 recalls by June 1 as part of a special order. If the Feds determine that the automaker isn't living up to its legal requirements, the result could go as far as a "buy-back or replacement of affected vehicles." "Significant questions have been raised as to whether this company is meeting its obligations to protect the drivers from safety defects, and today we are launching a process to ensure that those obligations are met," NHTSA administrator Mark Rosekind said in the announcement of the hearing. The 20 recalls that the agencies are investigating date from between 2013 and 2015. Just some of these include the action to make the fuel tanks safer on the Jeep Grand Cherokee and Liberty; FCA US' Takata inflator repairs; inadvertently deploying airbags in the Liberty, Grand Cherokee and Dodge Viper; and the company's ignition switch fix for the Chrysler Town & Country, Grand Caravan and Journey. Failure to submit reports about all of these on time could result in a $7,000 per day fine. You can read the whole list in the PDF for the special order. In a statement to Autoblog, FCA US said, "The average completion rate for FCA US LLC recalls exceeds the industry average and all FCA US campaigns are conducted in consultation with NHTSA. The Company will cooperate fully." The government agencies claim that they have received complaints from customers alleging that they weren't notified of recalls; parts not being available; difficulty getting an appointment, and misinformation from dealers. During the hearing witnesses from FCA US, NHTSA and the public have the opportunity to present evidence on each campaign. U.S. DOT Announces Fiat Chrysler Public Hearing and Issues Special Order NHTSA has concerns about 20 recalls and sets public hearing date for July 2 WASHINGTON – U.S. Transportation Secretary Anthony Foxx today announced that the Department's National Highway Traffic Safety Administration (NHTSA) will hold a public hearing to determine whether automaker Fiat Chrysler has failed to remedy safety defects and issue required notices in 20 recalls.

More Ram trucks recalled over tailgate issue

Almost a year ago Fiat Chrysler recalled roughly 1.6 million Ram trucks over an issue with the locking power tailgate. The actuator limiter tab for the power locking mechanism could fracture, which would permit the actuator's lock-rod control to move beyond its limits. That would pull the locking rods open, thereby allowing the tailgate to open at any time. The 2018 recall covered Ram 1500, 2500, and 3500 pickups from the 2015 to 2017 model years, with the five-foot-seven and six-foot-four beds and the power locking tailgate option. Trucks with eight-foot beds, and those with manual-locking tailgates, were excluded. The trucks with eight-foot beds have been added to the recall as of earlier this month, putting 410,351 more trucks in the pool. According to Consumer Reports, Ram redesigned the locking assembly on the other two shorter bed sizes for trucks built after August 2, 2017, which was the end of the 2017 model year. But the eight-foot long-bed trucks didn't get the redesigned part until April 2, 2018 for some reason, making all eight-foot-bed pickups from the 2015 model year to April 1, 2018 part of the recall equation. FCA says it's not aware of any accidents or injuries because of the issue. The company plans to notify owners on June 28. The paperwork filed with the National Highway Traffic Safety Administration doesn't advise owners to stop driving the trucks, but nor does it instruct owners on how to address the problem in the meantime. Sounds like bungee cords might be the go. The fix is estimated to take 30 minutes at the dealer and entails removing the tailgate cover and installing a stop block to prevent the locking actuator's pivot arm from traveling too far. FCA says it will reimburse owners for any other repairs made to address the problem. Meanwhile, owners can contact Fiat Chrysler Automobiles customer service at 800-853-1403, and refer to FCA's number for this recall, V44. The NHTSA campaign number is 19V-347. Last year's recall comes under FCA number U74, and NHTSA campaign number 18V-486. Ram's not alone on this field. The NHTSA continues to investigate the 2017 Ford Super Duty pickups for a similar issue.