Only Chrysler CEO Willing to Work for a Buck
Date 2008/11/20 16:47:00 | Topic: Miscellaneous
|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.