Monday, February 28, 2011

Chrysler: Marchionne paid only with shares

While in Italy Sergio Marchionne receipt of a salary "important", although 27% less than last year, the United States work for free. Yeah, because if in the Bel Paese his efforts are well-paid, on the other side of the Atlantic, Chrysler has decided to compensate for his professionalism with a strong non-bank transfers, but only with so-called stock options.

In other words, for his role on the Board have been transferred to the 361,446 shares of the company, however, is not officially listed on the Stock Exchange. For now, therefore, these securities are worth nothing. The valuation of the shares the CEO is still estimated at $ 2.9 million, since the value of each share should hold just under $ 8.

The Italian-Canadian manager, however, will receive his actions only after Chrysler will pay off the federal aid that the U.S. government had granted to save (jointly with General Motors) from bankruptcy. Remain to be paid in the public treasury about $ 5.8 billion. The rest of the actions of the builder to the stars and stripes are in the hands of health trusts union United Auto Workers (63.5%), 25% at Fiat, 9.2% for the U.S.

government and the second, 3% Government of Canada. Meanwhile, the CEO confirmed that the Fiat 500 will arrive in the U.S. market within a few weeks, while the Alfa Romeo to wait until 2012. The hope is to help the company recover market share, increased from 12.6% in 2007 to 9.2 in 2010.

No comments:

Post a Comment