Incoming AutoNation Inc. CEO Mike Manley will earn an annual base wage of $1.3 million and obtain a $1.5-million money sign-on bonus when he comes onboard Nov. 1, in accordance with a regulatory submitting late Tuesday.

AutoNation on Tuesday introduced it had employed Manley, former CEO of Fiat Chrysler Vehicles and head of Americas for Stellantis, the corporate fashioned when FCA and PSA merged in January. Manley will substitute outgoing and longtime AutoNation CEO Mike Jackson, who will retire from the submit and from AutoNation’s board additionally on Nov. 1.

AutoNation’s board of administrators employed Manley on Sept. 9, in accordance with the submitting. Manley on the identical day entered right into a three-year employment settlement with the auto retail large that may robotically renew on his third anniversary date and yearly after.

Manley collected complete compensation of $14.45 million in 2019 as CEO of Fiat Chrysler Vehicles — his final full 12 months in that place.

As a part of his contract with the nation’s largest U.S. dealership group, Manley can have an opportunity to earn 200 % of his annual base wage by means of an incentive award starting in 2022, be granted $6.7 million in restricted inventory items that vest over three years based mostly on continued employment and stand to earn $7.2 million in inventory awards yearly by means of the corporate’s long-term incentive program, additionally beginning in 2022.

Jackson as CEO for AutoNation additionally earned a $1.3 million annual wage.

Manley is topic to sure funds if he’s fired by AutoNation with out trigger or if he resigns for good motive. He must repay the sign-on bonus if throughout the first 12 months he leaves the corporate with out good motive or is fired for trigger.

Manley’s different perks — most of that are typical for the CEO of a big corpration — embrace an annual car allowance of $45,000, the usage of personal firm plane for enterprise journey, relocation prices, as much as $20,000 reimbursement for monetary planning and tax planning and reimbursement of legal professional charges as much as $25,000 to barter his contract.

He’s additional eligible for potential paid private safety if there are “bona fide threats of bodily hurt” to Manley or his speedy household, the contract says.