Fiat/Chrysler CEO Declines Salary and Bonus From Chrysler Group

Fiat/Chrysler CEO Declines Salary and Bonus From Chrysler Group

Earlier, we reported that Ford CEO Alan Mulally had been awarded $58.3 Million worth of company stock for meeting company performance targets. Fiat/Chrysler‘s Sergio Marchionne, on the other hand, has declined a salary and bonus for the work he’s done for Chrysler Group in 2011.

Although Marchionne is compensated for his work at Fiat S.p.A, this is the second straight year that he declined salary from Chrysler, only accepting reimbursements for cleaning, utilities, security expenses, as well as insurance and association fees at his condominium near the Chrysler headquarters in Detroit. According to filings with the US. Securities and Exchange Commission, costs were on par with or less than the charges had Marchionne stayed in hotels.

Performance figures have shown that Chrysler has outperformed the U.S. auto market for 2011, an increase of 24.3 percent compared to the 10.3 percent industry average. What’s more, Chrysler refinanced the $7.6 billion in loans from the United States and Canadian governments.

[Source: Autonews]


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