Chrysler employees are also set to see their pay packets cut
26 October 2009

General Motors and Chrysler bosses are to be hit by significant wage cuts as part of measures to cut upper management wages at companies bailed out by the US government.

While big wigs at Chrysler Financial will see their stock compensation package hit by a 56 per cent decrease, GMAC executives will have around 85 per cent of their wages cut from their weekly paychecks.

The US manufacturers are among seven bailed out firms subject to the sweeping cuts, which will reduce pay-outs to more than 170 top execs.

Chrysler CEO Sergio Marchionne was not affected by the action taken by the Obama administration, however, as the head of Fiat took no money from Chrysler for 2009.

And despite the pay cuts, GM CEO Fritz Henderson may receive an increase in pay. Henderson stands to earn cash and stock compensation up to $5.5 million (£3.3m), much higher than his 2008 salary, but $2m (£1.2m) less than his 2007 deal.

Twitter - follow all the latest Chrysler reviews, news and video

Join the debate


26 October 2009

Henderson still gets a lot - that's more than £9,000 a day. Disgraceful, no-one is worth that sort of money.

Enjoying a Fabia VRs - affordable performance

Add your comment

Log in or register to post comments

Find an Autocar car review

Driven this week

  • Lexus LC500
    Car review
    20 October 2017
    Futuristic Lexus LC coupé mixes the latest technology with an old-school atmospheric V8
  • Maserati Levante S GranSport
    First Drive
    20 October 2017
    Get ready to trade in your diesels: Maserati’s luxury SUV finally gets the engine it’s always needed
  • Jaguar XF Sportbrake TDV6
    First Drive
    19 October 2017
    The handsome Jaguar XF Sportbrake exhibits all the hallmarks that makes the saloon great, and with the silky smooth diesel V6 makes it a compelling choice
  • Volkswagen T-Roc TDI
    First Drive
    19 October 2017
    Volkswagen's new compact crossover has the looks, the engineering and the build quality to be a resounding success, but not with this diesel engine
  • BMW M550i
    First Drive
    19 October 2017
    The all-paw M550i is a fast, effortless mile-muncher, but there's a reason why it won't be sold in the UK