Aug 112012
 

Chrysler CEO Sergio Marchionne would have been subject to federal review if he’d taken an income in 2011, notes numerous sources. So he determined it would be best not to do so. Chrysler compensated him no salary or stock options last year, unlike Fiat, which compensated their CEO an undisclosed amount in both.

Fiat owns over half of Chrysler

A report was also filed by Fiat on Tues about the company’s financial info. It is known that Sergio Marchionne got paid by the company, but the report did not say how much he got compensated. Fiat paid $4.5 million in 2010, which was the same year that he got $600,000 in stock and other awards from Chrysler without salary or bonuses. Fiat owns 58.5 percent of Chrysler.

Payment for other CEOs

Last year, Ford CEO Mulally received $26.5 million on payment. The year before, he was given 2.85 million shares of Ford stock. The stock is worth $34.5 million currently, according to the Free Press. Seeing these numbers makes Marchionne’s lack of 2012 salary even more surprising.

CEO Dan Akerson of GM got $5.3 million in stock compensation — $2 million was restricted — and earned $1.7 million in total salary.

Because Ford did not accept automotive bailout dollars from the federal government, the automaker’s payment practices did not fall under review by the U.S. Treasury. If Marchionne had been compensated in 2011, his total income and compensation would have been reviewed by treasury officials. Government officials would have paid close attention to the manner of compensation, particularly as it might have related to Chrysler’s 2009 emergency Chapter 11 bankruptcy.

Paying back bailout funds

Marchionne explained that Chrysler and Fiat are both going to stay on course now that they have paid all automotive bailout loans from the United States and Canadian government back. The last payment, according to the Free Press, was paid in May of last year.

“We’re going to remain competitive, but I think the industry itself has learned how to be much more cautious,” he said. “We intend to follow that trend, and I don’t think we should be breaking with what I consider to be a … institutionalized trend today in the marketplace.”

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Jul 262012
 

The Chrysler Group has declared plans for a serious investment in its Jeep production complex in Toledo, Ohio. According to Automotive News, Chrysler will invest $500 million in the Toledo North Complex, where Jeep and other vehicles are made. Growth of facilities and an additional work shift will be the result.

Toledo to expect more workers

Currently, Chrysler’s Toledo North facility, which is part of the larger Toledo Assembly Complex, can only deal with a single shift of employees. Fox Toledo Online explained that the Jeep Liberty and Dodge Nitro will have increased production. In order to do this, 1,105 hourly and salaried jobs had to added-on by Chrysler.

To accommodate the added staff, the Toledo North Assembly Complex will be expanded by almost 300,000 square feet. Improvements to the on-campus body shop quality lab, paint shop and material handling companies will occur before the end of 2012. In 2013, the new manufacturing shift will start.

Just in time for 2013

Chrysler believes that this change to the Toledo North factory will be just in time. The 2013 Jeep Liberty SUV will be out soon after it is done. DaimlerChrysler released the current Liberty in 2008. It was intended to have Jeep Cherokee in it just a little bit. Cherokee production had ended in 2001 after a 17-year cycle.

The brand new Liberty will be Chrysler’s first vehicle to ride on a Fiat platform, notes Automotive News. There will be eight automobiles that get this platform in North America. It is called a CUSW platform.

In 2006, the Dodge Nitro SUV came out. It was intended to be a version of the Liberty that had been altered.

Chrysler’s $1.7 billion retooling effort

After the UAW contract was redone, Chrysler put $1.7 billion into changing its companies. The Toledo expansion will be one of the first projects done with $500 million.

Chrysler sought lower price for Jeep complex

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