DETROIT, April 17, (Reuter): Chrysler Corporation Chairman Lee Iacocea last year reaped more than 20 million dollars from salary, bonus, stock and other payments from the car maker, making him one of the highest paid executives in US. Corporate history, the company said today.
Chrysler, In a legally required disclosure released on the Good Friday holiday, when the car industry is closed, said the 62yearold Iacocca exercised stock options that netted him nearly 9.56 million dollars last year.
Embattled General Motors Corp., the world’s biggest corporation, yesterday disclosed that its chairman Roger Smith received nearly two million dollars in 1986 salary, bonuses and other pay
At the same time, GM, as part of a public relations offensive to improve an image marred by weakening car sales, declining profits and widespread plant closures, announced that it was ending its controversial executive bonus plan that has repeatedly come under attack from the United Auto Workers Union.
GM said it would instead offer a stock linked incentive programme to encourage executives to focus. More on improving the company’s Longterm health and increasing its stock price.
Iacocca, in addition to his 1986 cash salary of 727,972 dollars and a bonus of 975,000 dollars, was also given 337,500 Chrysler shares under his employment contract that were worth 8.75 million dollars on the payment date and are worth 11.8 million at current market prices.
Article extracted from this publication >> April 24, 1987