Tuesday, August 07, 2007

Secret Executive Pay

In North America , Chrysler Motors gained a new boss . Chryslers new private equity owners , Cerberus , who took over Chrysler from the German parent DaimlerChrysler last Friday immediately demoted the existing chief executive, Tom LaSorda to Number Two and hired Bob Nardelli to be its new chief executive.

Mr Nardelli became a symbol of executive greed when it emerged he had been paid more than a quarter of a billion dollars over six years that Home Depot's share price had stagnated. His firing in January netted him a severance package worth $210 million .

Private equity ownership of Chrysler means that the pay of its executives will not be disclosed.

How convenient .

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