WHAT CRISIS? Managers at publicly owned Italian companies — including many fashion labels — have seen their salaries increase over the past few years, according to Il Sole 24 Ore, Italy’s leading financial daily, which on Sunday published a list of 2012’s top earners at firms listed on the Milan Stock Exchange. The classification took into consideration salaries, bonuses, severance packages and capital gains, revealing that in Italy, the top of the food chain is still dominated by men.
Fiat chief executive officer Sergio Marchionne was at the top of the list, with earnings of 47,901,000 euros, or about $62,941,087 at current exchange rates. Four Luxottica executives, including vice president Luigi Francavilla and ceo Andrea Guerra, were among the top six, while Yoox president Federico Marchetti came in third place with an estimated 22,612,667 euros, or about $29,712,654. Ferragamo’s ceo Michele Norsa, meanwhile, came in at number nine with an estimated 9,364,000 euros, or about $12,304,134.
This story first appeared in the July 22, 2013 issue of WWD. Subscribe Today.
Ferrari president Luca Cordero di Montezemolo was in 14th place, Pirelli president and ceo Marco Tronchetti Provera in 24th, Fiat president John Elkann in 27th and Tod’s chief Diego Della Valle in 78th position — but the list didn’t take into account his approximately 50 million euros, or $65.6 million, in dividends.