So now we know why former Chrysler CEO Tom LaSorda was willing to punt BOTH of his turnaround plans, step aside for new CEO Bob Nardelli and share a co-presidency with ex-Toyota Prez Jim Press. According to The Wall Street Journal, Daimler's European accounts reveal that the Germans made the above payment (€10.4m) to Mr. LaSorda as a bonus for LaSorda's help liberating them from majority ownership of the American automaker. Yes, folks, that's on top of LaSorda's $3,223,116 (€2.13m) annual (which is to say ongoing) compensation package. Not to mention LaSorda's pension. Or health care. Or perks. And just in case you thought LaSorda's bonus and salary were performance related in the traditional sense of the term, Daimler's papers also show that Chrysler lost €1.94b ($2.9b) in an eight-week period last year. That's $51,785,714.29 a day. Hands-up anyone who thinks LaSorda gives a shit. [thanks to John for the link]
8 Comments on “Chrysler’s LaSorda Scores $15,737,284 from Cerberus Deal...”
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Anyone finding this surprising needs to have their head examined.
Wouldn’t it be amusing if the well-heeled managers of domestic auto companies were forced to drive their more pedestrian offerings and not get paid the GNPs of small countries until they get the products right?
I know if I performed my job as well as the managers of Chrysler performed theirs I would not recieve a bonus that equaled some 491% of my salary.
“Daimler’s European accounts reveal that the Germans made the above payment (€10.4m) to Mr. LaSorda”
You’d have to pay me $15,737,284 to work with Dieter too. Good for Tom. If everyone else is getting it, he might as well. What was it that Eaton made to sell out Chrylser, $50 million?
The thing is, it isn’t easy to retain top talent like this. Companies are falling over each other to hire execs with LaSorda’s recent track record.
How can people like this keep going to the line workers and ask them to make sacrifices? Are they totally conscienceless? And how can the line workers stand to listen to them?
How can people like this keep going to the line workers and ask them to make sacrifices?
Because they can.
Ironic that his dad was the head of the Windsor Chrysler Union and he has known Basil Hargrove since he was a little kid.
i believe that the golden parachute mr eaton received was worth 92 million for his help with the “merger of equals”
Damn…