Chrysler’s Marchionne Skipped Pay Again
March 8, 2012 by UPI - United Press International, Inc.
AUBURN HILLS, Mich. (UPI) — Chrysler Group Chief Executive Officer Sergio Marchionne worked without compensation in 2011, the second straight year he has done so, company documents reveal.
The U.S. automaker’s annual filing Tuesday didn’t indicate why Marchionne chose to forgo any salary, bonuses and stock options, The Wall Street Journal reported.
Chrysler turned a profit last year and has rebuilt its workforce to 55,687 employes, the most since 2007.
Marchionne, who has been Chrysler’s CEO since 2009, is compensated by Fiat SpA, where he also is chief executive. The Italian automaker paid him about $4.5 million in 2010. His 2011 Fiat earnings have not been disclosed.
Fiat owns 58.5 percent of Chrysler, which it took out of bankruptcy.
Over at Ford Motor Co., Chief Executive Officer Alan Mulally made $34.5 million after stock awards issued three years ago became fully vested this month, the newspaper said. General Motors Co. Chief Executive Office Dan Akerson received $2.5 million in total compensation for 2010.