Next Chrysler CEO to have salary capped at $500,000, no wonder Nardelli ran away

Posted: May 05, 2009
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So you think you have what it takes to become Chairman and CEO of Chrysler LLC and replace the soon-to-be-former CEO Bob Nardelli. Well, you better be ready to have your salary capped without the likeliness of receiving any additional compensation.

Whoever replaces Bob Nardelli will have the tough job of rebuilding Chrysler with Fiat technology, U.S. government money and a salary that may be capped at $500,000.

The $8.08 billion in aid being given to Chrysler for its bankruptcy and recovery efforts by the U.S. government is one of the first to fall under the U.S. Department of Treasury’s tougher rules for executive compensation.

The rules, set by Treasury Secretary Timothy Geithner, would cap the new CEO’s salary at $500,000 and since Chrysler will be privately held for years to come (by Fiat, the UAW retiree health-car and the U.S. and Canadian governments) there is no chance of any shares being made available for additional compensation.

Nardelli will be leaving the company as soon as Chrysler comes out of bankruptcy. He had agreed to a $1 a year salary as CEO of Chrysler.

- By: Omar Rana

Source: Free Press


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  • zermatt

    Pat must be very happy with this news.

    With a limitation of $500,000 and governmental oversight (i.e. interference) I would not be surprised that the successor to Nardelli will not be the best and the brightest. Fixing Chrysler will be like getting unsolicited advice from your mother-in-law about painting the kitchen. You just are not getting paid nearly enough to put up with this kind of crap.

  • Pat

    God you don't even know how much i hate this man. $210 million after leaving Home Depot??? FOR DOING WHAT!??!?! Honestly, whoever thought that Nardelli was CEO caliber must be the stupidest person walking on this Earth.

    I would rather have Rick Wagoner run Chrysler

  • zermatt

    Are you a former Home Depot employee or stockholder?

  • zermatt

    Pat must be very happy with this news.

    With a limitation of $500,000 and governmental oversight (i.e. interference) I would not be surprised that the successor to Nardelli will not be the best and the brightest. Fixing Chrysler will be like getting unsolicited advice from your mother-in-law about painting the kitchen. You just are not getting paid nearly enough to put up with this kind of crap.

  • Pat

    God you don't even know how much i hate this man. $210 million after leaving Home Depot??? FOR DOING WHAT!??!?! Honestly, whoever thought that Nardelli was CEO caliber must be the stupidest person walking on this Earth.

    I would rather have Rick Wagoner run Chrysler

  • zermatt

    Are you a former Home Depot employee or stockholder?

  • https://www.jobsindubai.com/career.asp?qCareerID=3 Salaries In Dubai

    $1 a year salary as CEO of Chrysler???