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]

If you liked the article, share on:

Pin It

Comments

Recommended

Reddit user Jdubbswrx spotted a rather deceptive move coming from the German automotive manufacturer Audi. He posted an image of the supposed exhaust of the new 2018 Audi SQ5 sporting...
by - March 29, 2017
McLaren car owners will be thanking the automotive company as it has decided to roll out new goodies for the 540C, 570S and 570GT sports car line-up. From this series...
by - March 29, 2017
On July 11, Audi is set to reveal its flagship luxury sedan, the all new A8. And at this moment, none of us are sure how this model will look....
by - March 29, 2017
The recent Porsche 911 is definitely considered one of the most elite sports car to grace the roads worldwide. The task of producing its successor is challenging enough for the...
by - March 29, 2017
British startup Zenos, which entered bankruptcy administration earlier this year is now back in business. The Norfolk-based sports car manufacturer was bought by a consortium of investors headed by AC...
by - March 29, 2017
Facebook

Youtube Channel

Tip Us
Do you have a tip for us?
Did you film an important event?
Contact us
Newsletter
Subscribe to our newsletter!
Subscribe
Galleries