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And Formula 1's highest-earner is...

2016-04-28 16:01

FERRARI PRESIDENT : Currently Fiat/Chrysler CEO Sergio Marchionne is one of the world's most powerful automotive executives. Image: AFP

Milan, Italy - The highest paid figure in the Formula 1 paddock is not a driver or a team owner.

Publishing a list of Italy's highest paid managers, La Repubblica claims that Sergio Marchionne, the Ferrari and Fiat president, made an incredible €54.5 million in 2015.

Consisted mainly of bonuses

That is over $60-million (R863-million) for the year or nearly $170 000 (R2.4-million) per day.

The report said the bulk of Marchionne's income was not his salaries as CEO and presidents, but lucrative bonuses as rewards for strong budgetary outcomes at the various companies for whom he works.

Marchionne was recently reported as saying that F1 needs to be looking ahead to the post-Bernie Ecclestone era.

Ecclestone will have to retire

Marchione said: "There is much work to do", when asked about the general state of the sport amid a tumultuous political climate at present.

The 63-year-old is quoted by Italy's La Repubblica saying: "Ecclestone is very good at negotiations but sooner or later we all have to retire."

Marchionne added: "And when that is, we will have to re-think everything and build a more solid F1. With a real structure."

Read more on:    fiat  |  ferrari  |  chrysler  |  sergio marchionne  |  milan  |  f1  |  motorsport

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