Nardelli says he’ll accept a $1 annual salary

Posted: Nov 19, 2008
Filed under: Chrysler, Industry News

While Bob Nardelli certainly isn’t anywhere close to the turnaround man for Chrysler as Lee Iacocca was, he is offering to follow in his footsteps if it helps Chrysler get a $7 billion of the $25 billion automaker rescue package. In a response to Senator Jon Tester, D-Mont., Nardelli said that he would accept $1 per year in salary if it that’s what it took for Chrysler to get aid.

A similar sacrifice was made by Iacocca in 1979 which helped Chrysler get a $1.5 billion loan guarantee.

According to Automotive News, GM’s Rick Wagoner said that he would cut his salary by 50 percent while FoMoCo’s CEO Alan Mulally said that he was concerned that cutting bonuses and compensation may cause Ford to lose top executives. Mulally earned $21 million last year.

We’re still wondering if Chrysler is going to go ahead and hand out $30 million to keep top execs with the automaker.

Related Posts:

  1. GM CEO Fritz Henderson takes a 25% salary cut
  2. Next Chrysler CEO to have salary capped at $500,000, no wonder Nardelli ran away
  3. Senator catches Nardelli off-guard, Nardelli says Chrysler will repay loans by 2012
  4. Rick Wagoner also accepts $1 per year salary
  5. Ford’s CEO to accept $1 salary for U.S. aid

  • zermatt
    Well at least Nardelli has taken a step in the right direction.

    Wagoner is so stupid with his offer of 50%. Of the 3 CEOs he is the one that has ben nhe industry the longest and has not made an impact in turning this around. He needs to go.

    What did the UAW offer at the hearings? Nothing!

    Chapter 11 sounds like the right medicine here.
  • Ivan Gutierrez
    How much was Nardelli making before?
  • Jeff
    We know you left Boeing for the big bucks, but still, your comment on worried that Ford would lose top executives is laughable. Top executives for a company losing billions are probably not in HIGH demand. Mr. Mulally you earned $21 million last year, would honestly taking 1/2 have any affect on the quality of life you live! The President of the United States makes $400,000!
blog comments powered by Disqus