26 Feb '11, 2am

Money - Chrysler's CEO could get stock worth $3.7m: DETROIT - CHRYSLER CEO Sergio Marchionne will get stock...

DETROIT - CHRYSLER CEO Sergio Marchionne will get stock valued at almost $2.9 million (S$3.7 million) if the company repays the money it still owes the US government, according to disclosure forms the company filed on Friday. Mr Marchionne, who also is CEO if Italy's Fiat SpA, will get 361,446 shares for his service as a director on the Chrysler Group LLC board. He'll get the shares after Chrysler repays to the government, or on June 10, 2012, whichever is later, according to the filing with the US Securities and Exchange Commission. As of Dec 31, the shares were valued by the company at US$7.95 each. Chrysler nearly ran out of cash and needed a US$12.5 billion US government bailout to make it through a 2009 filing for bankruptcy protection. The company still owes the government US$5.8 billion. Chrysler's eight other directors, including Chairman Robert Kidder, will get th...

Full article: http://www.straitstimes.com/BreakingNews/Money/Story/STIS...

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