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:

Comments

Recommended

Earlier in November at the 2017 SEMA Show in Vegas is when Hennessey unwrapped the Venom F5 to all of us. But it was actually first introduced as a concept...
by - November 22, 2017
Mercedes-Benz just made an announcement that the 2018 E Class Cabriolet has finally landed in the United States. If you had not known, the E Class will be positioned in...
by - November 22, 2017
After a somewhat successful fray into the automotive market in China, the resurrected German automobile brand Borgward is finally heading to Europe, bringing along with it the Borgward BX7 sports...
by - November 22, 2017
Automotive industry veteran Bob Lutz has once again spoken out against Tesla. Known as one of Tesla Motors’ greatest skeptics, Lutz had stated two years ago that the Silicon Valley...
by - November 22, 2017
Dubai is one of the few countries where expensive cars are the norm, many of which are specially modified as well. And this just in: Bentley has debuted the new...
by - November 21, 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