This post originally appeared at 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."
Read the story at Newser >
Please follow War Room on Twitter and Facebook.
Join the conversation about this story »
See Also:
- Why It's Time For Business Leaders To Get Serious About Regulating Execs' Pay
- Take A Look At The Obscene Amount Of Money The 10 Highest-Paid CEOs In America Made In 2010
- 50% Of CEOs Are Lonely, And It Hurts Their Performance