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Chrysler-Fiat Executives Will Avoid Caps On Pay Limits
(Via Freep.com)
The new Chrysler-Fiat partnership will get around U.S. restrictions on executive pay by having its top officers deemed Fiat employees.
Treasury’s agreement with Chrysler for $4.1 billion in loans to survive bankruptcy also specifies that the company’s top 25 senior executives will face pay limits, and the executives must agree to waive any claims against the government for changes in their compensation.
Fiat Chief Executive Sergio Marchionne has already indicated he will replace Chrysler Chief Executive Bob Nardelli. But under the deal, any of Chrysler’s top officers can be deemed a Fiat employee who’s “seconded” to Chrysler, and therefore take pay from Fiat beyond the Treasury cap.
Marchionne’s total compensation for fiscal 2008 was 3.05 million euros (about $4 million), according to a McGraw-Hill profile
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