Marchionne declines Chrysler payroll for the second consecutive time.
The American branch of Fiat-Chrysler did not pay a penny to its industrial leader Sergio Marchionne despite their successful 2011. That is according to a Securities and Exchange Commission. With the all the financial turmoils in mind, excessive executive pay is a hot issue nowadays and Marchionne has showed that “he is leading by example” according to a UAW member. It is the second consecutive time Marchionne has renounced from his Chrysler financial compensations. Over 2011 Marchionne has received his Fiat share. A Fiat spokesperson has indicated the Italians who currently own 58.5 percent of Chrysler, will disclose details of the payment package next week.
Last year was a very profitable one for Chrysler: 183 million net profit, their first in 14 years time and contrary to European developments. Once the results were published the CEO decided every person involved would get a share in the company’s profits. Marchionne’s attitude couldn’t be more different from Ford’s top executive Alan Mulally who clinched a massive 34.5 million dollar worth of stock options ‘based on a long term incentive plan’. Luckily we know Marchionne generally has other ideas about long term commitments.