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Old 02-27-2007, 04:03 PM   #1
NYCshopper
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Default Zetsche got $6.7 million for '06 (GM, Ford execs also get big compensation pkgs)

Zetsche got $6.7 million for '06 (GM, Ford execs also get big compensation pkgs)

http://www.freep.com/apps/pbcs.dll/a...ESS01/70227041



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Zetsche got $6.7 million for '06
GM, Ford execs also get big compensation packages

Dieter Zetsche, the head of DaimlerChrysler AG, who sent Detroit into a tizzy early this month when he refused to rule out selling Chrysler Group, last year received compensation worth about $6.7 million in U.S. dollars at today’s exchange rates, according to financial documents filed this morning.

Chrysler, which lost $1.5 billion last year, is apparently being shopped around to potential buyers after Zetsche said that all options are being considered for the unit.

Beyond Chrysler, DaimlerChrysler had a good 2006, seeing its net income rise 13.2% to $4.3 billion.

The company’s filings with the U.S. Securities and Exchange Commission say Zetsche’s compensation included nearly 1.5 million euros, or $2 million, in base pay and 2.6 million euros, or $3.4 million, for an annual bonus.

CEO LaSorda received nearly $3.2 million

Chrysler CEO Tom LaSorda received nearly $3.2 million in compensation, including a $1.1-million annual bonus.

LaSorda’s No. 2, Eric Ridenour, Chrysler chief operating officer, received a compensation package worth about $2.3 million, including a $770,000 annual bonus.

The Chrysler Group is undergoing its second major turnaround plan in the past decade. The plan, announced Feb. 14, includes eliminating 13,000 jobs over three years, closing an assembly plant and parts-distribution facility and reducing shifts at plants.

A change in German law now requires DaimlerChrysler to break out executive compensation. U.S. companies have long been required to make public top salaries.

General Motors Corp. Chairman Rick Wagoner’s total compensation in 2005 was $5.5 million, including a base salary of $2.2 million. Ford Motor Co. has announced it will pay its new president and CEO Alan Mulally a $2-million annual salary, a $7.5-million hiring bonus and $11 million to offset forfeited awards that he would have received at Boeing Co.
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Old 02-27-2007, 09:10 PM   #2
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wtf... no wonder.
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Old 02-28-2007, 04:16 AM   #3
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That's actually him in the commercials? Thought it was just some random actor guy gimmick thing.
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Old 02-28-2007, 07:41 AM   #4
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No one is worth that kind of money - especially not one with a failing division that has consistently been making piss-poor decisions.

How is it competitive when your top guy is raking in almost $7M a year and yet CEOs from other companies - that are actually doing a good job - probably make much much less??
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Old 02-28-2007, 06:18 PM   #5
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Originally Posted by Hazdaz View Post
How is it competitive when your top guy is raking in almost $7M a year and yet CEOs from other companies - that are actually doing a good job - probably make much much less??
I'll take a moderate-paying CEO job at Toyota or Honda over Dr. Z's $7 mil anyday. After all, the Honda or Toyota gig will likely still exist at this time next year.
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Old 02-28-2007, 06:47 PM   #6
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After all, the Honda or Toyota gig will likely still exist at this time next year.
Except that even if he gets FIRED, he will still be given a golden parachute - probably raking in more money in a year for life than you will make in a decade.
Go look at the complete and utter BS that Home Depot just went through.
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Old 02-28-2007, 06:47 PM   #7
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They deserve it. They work *SO* hard for their company, and even though the company performance on paper SEEMS like they don't deserve it, and SEEMS like they're drowning in billions of dollars of debt and it SEEMS like somebody like me who could do such a horrendous job would be fired for performance like that, believe you me, they deserve every penny.

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Old 02-28-2007, 07:08 PM   #8
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^ rofl! true that man... so sad for the American companies. Seriously IMO the workers in the american companies seem so spoiled. Either that or maybe because others are doing well while they're doing very bad.
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Old 02-28-2007, 08:32 PM   #9
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That's actually him in the commercials? Thought it was just some random actor guy gimmick thing.
Me too. Who can take him seriously after watching those CM?
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Old 02-28-2007, 10:56 PM   #10
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That's $3221.18 an hour if he works a normal work year (which he probably doesn't). Not bad.
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Old 03-01-2007, 04:03 AM   #11
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Originally Posted by Hazdaz View Post
No one is worth that kind of money - especially not one with a failing division that has consistently been making piss-poor decisions.
If by "failing division" you mean all of DaimlerChrysler, then yeah. If you meant Chrysler only, then look to Tom LaSorda and his $4+mil.
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Old 03-01-2007, 08:01 AM   #12
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It's not just an auto industry problem. Executives are getting paid way too much all over the US, in every industry. The ones that really piss me off are the ones that get millions in a signing bonus, start running the company in the ground in the first year or two, then take their millions in the golden parachute, and then some dumbass board of directors gives them millions to come to another company and do the same thing.

I GUARANTEE you a lot of these companies would be way more successful if they paid their CEO $400k and took the other $8million and used it to retain (and recruit) their top 100 employees via performance bonuses and salary increases for the most important ones, or used some of that money on new equipment/technology to increase productivity. Unfortunately for most of us, these boards of directors think they can bring in a high paid executive who can come in a cut costs and make them more money that way instead.
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