When asked in the past months if they were willing to accept a one dollar a month salary for the duration of the crisis, Nardelli agreed. A noble gesture, you might say. What the executive failed to mention is that he already was receiving an one dollar/month pay and has been since he took the job, in 2007. Admirable, isn't it?
Since Chrysler is a private company, unlike the publicly traded GM, Nardelli is not obligated to make his compensation public. But no one is that naive to believe that this is the only pay he is receiving from Cerberus Capital Management, the owner of Chrysler.
"I would be surprised if the extent of his monetary gain for work at Chrysler was just a dollar," Charles Elson from the Center for Corporate Governance was quoted as saying by abcnews.com.
Last week, president Obama announced new limits on executive salaries for companies that receive public funding. We already talked about how much executives that run GM and Ford gain from their work.
And we have seen that, despite the crisis and their companies' cry for help, the remuneration executives get remains well above the average salary. GM's board of directors however is said to have reduced its compensation to one dollar for the duration of 2009.