Report: Chrysler’s Marchionne declines salary, bonus once again

Sergio Marchionne

Sergio Marchionne is probably the coolest CEO in the automotive industry. His hard-charging style helped Chrysler outperform the U.S. auto market last year and is helping the Auburn Hills automaker make some noise in the domestic battle between the Big 3.

Even with all that he’s done to turnaround Chrysler, Marchionne has declined a salary and bonus for 2011 when the automaker repaid $7.6 billion in loan from its bankruptcy bailout.

That makes it the second straight year where Marchionne has decided not to take a salary or a bonus for his work at Chrysler.

However, Chrysler has been helping out Marchionne by reimbursing him for cleaning, utilities and security expenses at his condominium near the company’s headquarters, according to a filing with the U.S. Securities and Exchange Commission. The company also paid his insurance and association fees at the condominium in 2011.

– By: Omar Rana

Source: AutoNews