Monday, February 28, 2011

Marchionne takes no pay from Chryser for 2010

 Sergio Marchionne received no compensation while serving as the chief executive officer of the Chrysler Group in 2010, according to report filed voluntarily with Securities Exchange Commission.
 However, Marchionne was granted 361,446 shares of Chrysler shares tentatively valued at $600,000, noted in the filing, which was a tentative first step towards Chrysler’s effort to sell stock later this year.
  Marchionne also received $4.8 million from Fiat in 2010, which is about 27 percent less than he made in 2009.
 “TARP Compensation Standards prohibit the payment of any cash incentive or bonus to our five “senior  executive officers” and any of the next 20 most highly compensated employees until Chrysler Group has no  remaining obligations under TARP,” Chrysler said in a voluntary filing with the Securities Exchange Commission.
  “Our named executive officers did not participate in any annual cash incentive compensation plan in 2010 and did not receive any cash compensation other than the base salaries  described below.
 In addition,  half of each named executive officer’s total 2010 direct compensation is comprised of cash base  salary, and half is comprised of restricted stock unit and deferred phantom share awards, which assume applicable performance goals are achieved.
 The compensation of four other Chrysler executives also was disclosed in the SEC filing. Richard Palmer, Chrysler’s chief financial officer, made $500,000 salary and other $520,00 from restricted stock units and phantom share awards, while Holly Leese, Chrysler’s general counsel and was paid $455,000 plus an additional $460,750 in restricted and phantom share, while executive vice president Nancy Rae’s totaled $455,000 and an additional $453,000 in restricted and phantom shares and Michael Manley, president of the Jeep brand and head of international operations made $410,000 in salary and  $408,000 is restricted and phantom shares.
 The SEC document specified that Palmer, Leese, Rae and Manley were the highest paid Chrysler executives last year. By Joseph Szczesny


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