Chrysler Execs to Get $30M in Retention Bonuses

Will auto bailout change that?

By Kevin Spak, Newser Staff

Posted Nov 14, 2008 10:11 AM CST

(Newser) – Even as nearly bankrupt Detroit automakers beg Congress for a bailout, Chrysler is preparing to pay its top executives $30 million in retention bonuses, the Detroit Free Press reports. Chrysler says the deals were necessary measures to keep top talent in place when they were conceived last year during Daimler's sale of Chrysler, but a human resources VP admits they might be a bit controversial now.

“We all would be smarter if we knew what we know now back in February of '07,” she tells the Free Press, insisting that the bonuses, which range from $200,000 to $1.89 million, “were very conservatively constructed.” Congress, of course, may carve up the contracts, or limit executive pay in other ways as part of any bailout package—if there's a bailout. “We’re very interested in making sure there is shared sacrifice,” said Michigan Rep. Sander Levin.

Workers leave the Daimler Chrysler Newark Assembly Plant during a shift change Thursday, Oct. 23, 2008, in Newark, Del. (AP Photo/Rob Carr)

DaimlerChrysler CEO Dieter Zetsche, right, John Snow, Chairman of Cerberus Capital Management, center, and Chrysler Group President Tom LaSorda, shake hands in this May 14, 2007 file photo. (AP Photo/Myriam Vogel)

In this Jan. 6, 2008 file photo, the Chrysler company logo shines off the grille of an unsold 2008 Town & Country minivan at a Jeep-Chrysler dealership in the east Denver suburb of Aurora, Colo. (AP Photo)

An unsold 2008 300C sedan sits at a Chrysler-Jeep dealership in the southeast Denver suburb of Centennial, Colo., on Sunday, Nov. 2, 2008. (AP Photo/David Zalubowski)

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COMMENTS

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Showing 3 of 3 comments

Guest

Nov 14, 2008 8:56 PM CST

If GM, FORD and CHRYSLER were producing this car, they would not be in Washington asking for our tax money. First legitimate ELECTRIC CAR coming to the market. Safe, reliable and affordable. Check it out............ Article: http://planetgreen.discovery.com/tech-transport/electric-c100-vehicle.html Video-You Tube: http://www.youtube.com/watch?v=hog9wpZCg8U BeGreen Advocate

Newser001

Nov 14, 2008 3:37 AM CST

Simply brilliant, Chrysler ... I'm so sick of this bailout mentality. I'm worried about putting simple food on the table and these schmucks are receiving millions with one hand and begging with the other. Absolutely disgusting; The dumbest PR stunt I've ever seen. No bailout. If they are left to die, something else more worthy would replace it down the road. It is their own stupidity that led them here.

maevealleine

Nov 14, 2008 3:18 AM CST

They want bailouts while giving 30 million to top execs? Are they fucking kidding me?!

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Chrysler Execs to Get $30M in Retention Bonuses

Will auto bailout change that?

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Will auto bailout change that?

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Chrysler • DaimlerChrysler • executive compensation • bonuses • auto industry • bailout • auto bailout

MOST POPULAR STORIES

[ By Views ]

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GM's 2011 Profit: Biggest Ever

It made $7.6B; that's up 62% over 2010

Hey, Wall Street: Shut Up About Bonuses

Matt Taibbi says bankers are still overpaid

Chrysler Roars to $225M Profit

Finishes first profitable year since its bankruptcy

Car Sales Jumped 14% Last Month

Chrysler, VW saw huge gains

Wall Street Bonuses to Plummet

Falling revenues behind expected 40% plunge

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Newser By Users

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