Tuesday, August 7, 2007

Pay checked

What remuneration do you strive for after taking $210 million (£105 million) severance? Bob Nardelli will collect a nominal salary of $1 a year in his new role as chief executive of Chrysler, according to the Financial Times.

His compensation package will instead be incentive-based.

More on Chrysler here

Mr Nardelli faced an avalanche of criticism over his $210 million (£105 million) severance package from Home Depot, the US retailer, in January.

“We are not going to disclose specifics,” the new Chrysler chairman and chief executive said, adding: “My success is rooted in the success of the company.”

The newspaper says that the Home Depot package, which has become a symbol of the outsized compensation commanded by top US executives, is sure to be raised in the context of talks under way on labour contracts between the three Detroit-based carmakers and the United Auto Workers Union.

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