Jim Press may lose Chrysler paycheck under government-mandated salary cuts

Chrysler Group’s deputy CEO, Jim Press, may have already received his last Chrysler paycheck. According to Kenneth Feinberg, the U.S. Treasury’s special master for executive compensation, payments already made to a senior Chrysler executive exceed the allowable maximum for companies that have received government bailouts.

Feinberg did not name specific executives, simply saying that three senior executives were leaving Chrysler before the end of the year. He also ordered the payroll stop for just one of the outgoing execs, saying the other two are still under the new limit. However, Press is one of three top executives leaving the company and he has the largest cash compensation package at $2.6 million.

Other Chrysler Group top brass will see their paychecks cut about 25 percent. Feinberg says maximum cash compensation should not exceed $500,00 a year and has placed strict conditions on the awarding of options and grants.

Chrysler CEO Sergio Marchionne will not see a cut in his compensation since he took no money from Chrysler and his salary as CEO of Fiat SpA is not subject to U.S. government review.