Buyout offer expanded

May 18th, 2009 by DaveAdmin

Workers at factories that are to be closed or sold have been offered early retirement. The plan covers hourly workers at Sterling Heights, Conner Avenue, St. Louis North, St. Louis South, Twinsburg Stamping, and Kenosha Engine; those whose combined age and years with the company are more than 85 years, and who are over 60 [...]

Tags: Chrysler, compensation, employees, factories, health benefits, healthcare, retiree benefits, retirees, UAW, union. Chrysler, Unions

Chrysler execs to avoid Federal limits?

May 14th, 2009 by DaveAdmin

Reports from Auburn Hills claim that Chrysler executives, who are currently figuring out ways to avoid their obligations to suppliers, banks, and the retired engineers who created the company’s glory days, have already found a way around Federal limits on executive compensation: they will be employed by Fiat, and “loaned” to Chrysler. That will allow [...]

Tags: Cerberus, Chrysler, compensation, employees, executive compensation, Executives, Fiat, Government loans, retiree benefits, retirees, U.S. Treasury. Cerberus, Chrysler, Executives, Fiat, Government loans

Next Chrysler CEO faces pay cap

May 6th, 2009 by Bill Cawthon

Under U.S. Treasury rules governing the loans made to auto companies, the next Chrysler CEO may be limited to $500,000 in total annual compensation and will be eligible for stock awards that can be transferred only after the new automaker repays all government loans.
That’s still a $499,999 raise compared to the dollar a year that [...]

Tags: Chrysler, compensation, Executives, Government loans. Chrysler, Executives, Government loans

Bush: GM, Chrysler to go bankrupt

December 18th, 2008 by DaveAdmin

The Bush administration has apparently decided, in line with Republican senators, that GM and Chrysler must be forced into bankruptcy as a condition of government loans.
In the past, the Republican Party has denounced the use of bankruptcy and successfully worked to make entering bankruptcy more difficult for individuals and small businesses.
Bush’s plan, as described by [...]

Tags: bankruptcy, Chrysler, compensation, Congress, loans, suppliers, UAW, union. Auto industry, Government loans

Chrysler makes its case for federal funds

December 3rd, 2008 by Bill Cawthon

Even as automakers were reporting one of the worst sales months in recent years, the CEOs of Chrysler, Ford and GM were making another push for federal help. This time, they were better prepared for the objections and challenges that tripped them up on their last trip.
Like his counterparts at from Dearborn and the Renaissance [...]

Tags: Alliances, bailout, bankruptcy, Cerberus, Chrysler, compensation, Congress, credit, employees, government, loans, merger, Nardelli, Nissan, prices, pricing, Sales, suppliers, Volkswagen. Auto industry, Cerberus, Chrysler, Executives, Factories

UAW starts petition for automaker loans

November 24th, 2008 by DaveAdmin

The UAW has started a petition and a drive to contact Congress, in favor of government loans to domestic automakers.
Such loans have been recommended by the Japan Times and representatives of Honda and Toyota, but have been opposed by many American media outlets not connected with the industry, and by Congressional representatives of states with [...]

Tags: Allpar, automakers, banks, compensation, Congress, dealers, economy, executive compensation, government, Government loans, Honda, jobs, loans, Obama, Obama Administration, retirees, suppliers, Toyota, UAW. Chrysler

Executives see no reason to sacrifice – except Nardelli

November 19th, 2008 by DaveAdmin

Chrysler’s Bob Nardelli, when asked by Senator Jon Tester (Montana Democrat), said he would take a $1 per year salary, similar to Lee Iacocca’s 1979 sacrifice, if needed to get Chrysler’s $7 billion share of a proposed loan package.
GM’s Rick Wagoner, who currently takes an eight-digit salary, said he had already cut his salary [...]

Tags: bailout, compensation, Congress, employees, General Motors, loans, managers, Nardelli, Senator, UAW, Wagoner. Auto industry, Chrysler, Executives, Government loans

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