Posted on February 20th, 2010 • by Bill Cawthon
Fiat and Chrysler CEO Sergio Marchionne received a bonus of about $1,835,000 last year from Fiat SpA, boosting his total compensation to almost $6,525,000 a hefty boost over the $4,622,000 he was paid in 2008. Marchionne’s base salary is roughly equivalent to $4,146,000. European “cash-for-clunkers” incentives drove car sales to high enough levels for the [...]
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Posted on February 20th, 2010 • by Bill Cawthon
GM Vice Chairman Bob Lutz’s laments about underpaid executives have not fallen on deaf ears. Current CEO Ed Whitacre, who got $158 million when he retired from AT&T, will receive a $9 million compensation package, including $1.9 million in annual salary, retroactive to January 1, 2010. GM’s generosity does not end there: former CEO Fritz [...]
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Posted on February 19th, 2010 • by Bill Cawthon
Bob Lutz is complaining about the underpaid executives at GM and now, even as it slashes its retirees’ benefits, bankrupt Visteon wants to hand out millions of dollars in bonuses. Visteon yesterday asked U.S. Bankruptcy Court Judge Christopher Sontchi for up to $34.5 million to pay bonuses to 1,300 employees. Of that money, as much [...]
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Posted on October 23rd, 2009 • by Bill Cawthon
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 [...]
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Posted on October 21st, 2009 • by Bill Cawthon
Top executives at Chrysler Group will soon see a major cut in their paychecks. As soon as today, the U.S. Treasury plans to announce new limitations on executive pay packages at companies that received the most government assistance under the Troubled Asset Relief Program (TARP). In addition to Chrysler, affected companies include General Motors, American [...]
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Posted on July 15th, 2009 • by Bill Cawthon
In sharp contrast to tradition, where large bonuses routinely have been approved for executives of failed companies even as the firms cut thousands of jobs and ignored promises to retirees, the latest proposal to pay over $30 million to the top 100 executives at bankrupt supplier Visteon is drawing fire from all quarters. Ford Motor [...]
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