Chrysler's LaSorda Scores $15,737,284 From Cerberus Deal

chryslers lasorda scores 15 737 284 from cerberus deal

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]

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  • Ken Strumpf Ken Strumpf on Feb 28, 2008

    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?

  • Ralph SS Ralph SS on Feb 28, 2008
    How can people like this keep going to the line workers and ask them to make sacrifices? Because they can.

  • Bipsieboy Bipsieboy on Feb 28, 2008

    i believe that the golden parachute mr eaton received was worth 92 million for his help with the "merger of equals"

  • Windswords Windswords on Feb 28, 2008

    Damn...

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