Chrysler CEO Turns Down Pay for Second Year
Marchionne takes $0 home despite repayment of bailout loans
By Rob Quinn, Newser Staff
Posted Mar 8, 2012 2:27 AM CST
Updated Mar 8, 2012 4:17 AM CST
Chrysler CEO Sergio Marchionne speaks during a news conference at the Chrysler Toledo Assembly complex.   (AP Photo/Madalyn Ruggiero)

(Newser) – Chrysler made a $225 million profit last year but its CEO didn't get a penny of it, a regulatory filing reveals. Sergio Marchionne, widely credited with turning around the company's fortunes after its bankruptcy in 2009, declined a salary and bonus for the second year in a row last year, reports Reuters. But he won't be going hungry: Marchionne is also CEO of Italian automaker Fiat, which paid him $4.5 million in 2010.

If Chrysler had paid its chief in 2011, his salary would have been subject to review under the terms of its government bailout, although the company repaid the US and Canadian governments in full last spring, USA Today notes. At the time, Marchionne said there were no plans for major pay raises at the top. "The industry has learned how to be much more cautious" about executive compensation, he said. "We intend to follow that trend."

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Showing 3 of 4 comments
Mar 8, 2012 10:49 AM CST
It's not all CEO's that are bad, it's the damned banks.
Mar 8, 2012 4:54 AM CST
Good guy? In the news? I'm skeptical. Has to be something we don't know about... (Though if there isn't, that'd be nice.)
Mar 8, 2012 3:30 AM CST
How's this guy going to make it on 4.5 million dollars a year, that on top he's working himself to the bone doing not just one but two jobs. Just makes a working man want to cry and reach out to him. Maybe some church base community will be able to help.