Tuesday, November 18, 2008

Chrysler's CEO Nardelli says he will work for a buck

Taking a page out of Lee Iacocca's book, Robert Nardelli said he is willing to work for a dollar per annum. While this may sound rhetorical, it is extremely significant. Most US taxpayer's have become extremely suspicious of deviant CEO's who bleed a company dry and then fall to earth in their golden parachute's. Ummm, Nardelli himself accepted a $210 million dollar severance from Home Depot in 2007, so he is not exactly hurting.

HOWEVER, please do not let this distract from his gesture. Rick Wagoner, GM CEO, is not willing to do likewise.

From Automotive News:

"Chrysler LLC CEO Bob Nardelli said he would accept $1 per year in salary if it helped Chrysler obtain its $7 billion share of a proposed $25 billion automaker rescue package.

Nardelli said he would make that gesture in response to a question from Sen. Jon Tester, D-Mont., who said sacrifice by Lee Iacocca in 1979 helped Chrysler Corp. win a $1.5 billion loan guarantee."

I must admire Nardelli for this gesture and simultaneously sneer at Wagoner for not offering likewise. Personally, I would like to see GM fail and Ford and Chrysler survive as I think their leaders make the difference. Also, Chrysler has some very cool EV and PHEV vehicles in the hopper.

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