Chrysler CEO turns down payment for second year in a row
This is a CEO I don’t feel like torching: Chrysler made a $225 million profit last year but its CEO didn’t get a penny of it, a regulatory filing reveals.
Sergio Marchionne, widely credited with turning around the company’s fortunes after its bankruptcy in 2009, declined a salary and bonus for the second year in a row last year, reports Reuters. But he won’t be going hungry: Marchionne is also CEO of Italian automaker Fiat, which paid him $4.5 million in 2010.
If Chrysler had paid its chief in 2011, his salary would have been subject to review under the terms of its government bailout, although the company repaid the US and Canadian governments in full last spring, USA Today notes. At the time, Marchionne said there were no plans for major pay raises at the top. “The industry has learned how to be much more cautious” about executive compensation, he said. “We intend to follow that trend.”