Report: Chrysler’s Sergio Marchionne didn’t get any cash salary in 2010

Article by Christian A., on March 4, 2011

In Chrysler’s detailed filing with U.S. regulators, it was revealed that CEO Sergio Marchionne didn’t get any cash salary from Chrysler in 2010. However, Marchionne, who is also CEO of Fiat, had received a $600,000 stock grant for his services as a director on the company's board from June 2009 until June 2010.

The details of this compensation, which had the approval of the U.S. Treasury, were mentioned in the more than 300-page document filed with the U.S. Securities and Exchange Commission.

Chrysler said that for the first time in over a decade, it will begin to file annual, quarterly and period reports with the SEC. Chrysler said that the move is meant to bring more transparency to U.S. and Canadian taxpayers as well as the UAW's retiree healthcare trust fund.

Since April 2010, Chrysler has been reporting quarterly earnings and has posted its results on its Web site. Chrysler had been on the brink of collapse before it was saved by a government bailout in 2009.

Chrysler was owned by German automaker Daimler AG and then later by private equity firm Cerberus Capital Management. Chrysler itself has not filed formal financial disclosures under its previous owners. [via reuters]

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