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MiscellaneousOnly Chrysler CEO Willing to Work for a Buck
Posted by mike on 2008/11/20 16:47:00 (1581) reads

In yet another head-smacking moment that came out of the Big 3 CEO testimony in Washington, only Chrysler LLC CEO Bob Nardelli said he would accept a $1 annual salary as a condition of a federal bailout.

Rick Wagoner of GM and Alan Mulally of Ford refused the offer after flying to the hearings in their private jets.

"I'm willing to do what I've been doing," Wagoner said, saying he has already accepted a significant wage decrease and given up other forms of compensation. But he stopped short of saying he would accept a $1 salary.

Mulally said: "I understand your point about the symbol. But I think, not just for me, but we're trying to fill a skilled and motivated team."

Pressed on whether he would work for $1 a year, Mulally said, "I think I'm OK where I am."

The chief executive of Chrysler LLC, Robert Nardelli, had said Tuesday he would be willing to work under that salary as a condition for a federal bailout package.

These hearings keep getting better and better.

Check out the full story on CNN.com.

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Poster Thread
skywater55
Posted: 2008/12/2 15:15  Updated: 2008/12/2 15:15
Just can't stay away
Joined: 2006/8/28
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Posts: 95
 Re: Only Chrysler CEO Willing to Work for a Buck
Id work for a $1 if I already had $200M in the bank and can structure my compensation as other in the form of stock options and bonuses....believe me they may show it as a $1 but when you take into account what they get it will be MILLIONS...and now i see the Ford CEO says he will work for a $1...its a smoke and mirrors....let em go under and start over....

Poster Thread
Ingela
Posted: 2008/11/21 16:50  Updated: 2008/11/21 16:50
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Joined: 2007/12/12
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Posts: 44
 Re: Only Chrysler CEO Willing to Work for a Buck
The funny part about this whole thing to me is that these financial businesses were given $700 BILLION at the drop of a hat, on moments notice with almost no strings attached.
Now institutions like American Express and GMAC are turning themselves into banks to get a cut of this free lunch they keep hearing about.
People may bitch and moan about "them", but I donít hear much about anyone saying they donít want their own $500. buck "Stimulus" handouts.

Poster Thread
01TJ
Posted: 2008/11/21 14:41  Updated: 2008/11/21 14:41
Just can't stay away
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 Re: Only Chrysler CEO Willing to Work for a Buck
These CEO A.. holes think they are untochable. They think their companies are "too big to fail", this is why they need to fail. As long as we continue to support failing companies our country will be worse off in the long run. This practice only perpetuates weak companies and bad business models.

In the business world companies fail, other stable and/or better managed companies buy them and life goes on. I would rather hit rock bottom now and bounce back instead of dragging this on for another 20 years.

I don't think CEO's should be working for $1 a year but they should be willing to take a significant pay cut to help their company succeed.

Poster Thread
MarkH
Posted: 2008/11/21 9:03  Updated: 2008/12/2 11:27
Home away from home
Joined: 2005/7/20
From: The Great White North
Posts: 494
 Re: Only Chrysler CEO Willing to Work for a Buck
Mulally & Wagoner are multi-millionaires, but I believe Nardelli is a bazillionaire, so it was easier for him to make the gesture. Maybe Nardelli should have offered to pay their salaries for a year!

Here's some info I dug up (probably not dead nutz accurate, but you'll get the idea...):

GM - Wagoner (lifetime GM car guy, doesn't know any other business model)
Annual Salary $1.5M
Total Compensation (2007) $14.4M (stock options, bonuses, incentive...)

FORD - Mulally (never a car guy, recently picked up from Boeing where he was passed over for CEO)
Annual Salary $2M
Bonus (2007) $4M
Plus $18.5M lump sum signing bonus/stock options etc...

CHRYSLER - Nardelli (never a car guy, former bigwig at GE --passed over for CEO there, then was CEO of Home Depot, where you might recall he caused a stir when he beat feet with a $210M golden parachute after doubling their gross sales numbers during his tenure)
Salary $1 per year (Apparently, he was already getting that BEFORE he "agreed" to it at the hearings!)
Bonus (2007) $5M/yr
Other compensation NOT DISCLOSED (Chrysler is a privately owned company, by Cerberus, who owns >80%. So, full disclosure is optional. Ironically, Cerberus is the 3-headed dog that guards the gates of Hades. I can't make this stuff up!)

$210,000,000.00 is a huge number, but it's less than 1% of what they're begging for. Staggering!

HOW do they do it?

Poster Thread
Ingela
Posted: 2008/11/20 21:55  Updated: 2008/11/20 21:55
Quite a regular
Joined: 2007/12/12
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 Re: Only Chrysler CEO Willing to Work for a Buck
suddenly my respect for Nardelli spiked!

Wagoner & Mulally, jeez at least play along, they come off as total *&^%$#@@@!
Your'e Begging for 25 BILLION! for gods sake!

Poster Thread
jpsmith
Posted: 2008/11/21 16:59  Updated: 2008/11/21 16:59
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 Re: Only Chrysler CEO Willing to Work for a Buck
suddenly my respect for Nardelli spiked!


Why? He's been doing it all along. His "salary" is $1, but his bonuses sure add up to more. Check out the comment I left in August 2007 when it was announced he'd be the CEO:

http://www.jeepnewsnow.com/modules/news/article.php?storyid=1662

Poster Thread
Ingela
Posted: 2008/11/21 17:21  Updated: 2008/11/21 17:21
Quite a regular
Joined: 2007/12/12
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 Re: Only Chrysler CEO Willing to Work for a Buck
I seeeee, thanks for the heads up. I will stop saying that then, lol
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