Cultural Issues Blur Daimler/Chrysler Exec Pay

Jan. 13, 2005
As the scheduled Sept. 18 merger of Chrysler Corp. and Daimler-Benz AG draws closer, executive pay has become an issue. As Jrgen Schrempp, the German automaker's chairman, was collecting under $2 million last year, Robert J. Eaton, his Chrysler ...

As the scheduled Sept. 18 merger of Chrysler Corp. and Daimler-Benz AG draws closer, executive pay has become an issue. As Jrgen Schrempp, the German automaker's chairman, was collecting under $2 million last year, Robert J. Eaton, his Chrysler counterpart, was receiving just under $10 million in salary, bonuses, and stock options. Meanwhile, Robert Lutz, Chrysler's outgoing vice chairman, took home $15.7 million. Schrempp says the pay issue is complicated by Germany's egalitarian corporate culture, with worker representation on the board of directors militating against impressive pay packages for top managers. "One answer is to reduce the fixed elements and add big performance incentives," says Schrempp.

Popular Sponsored Recommendations

How to Build Zero-Cost On-Site Solar and Storage Projects

Nov. 25, 2023
The Inflation Reduction Act offers tax credits, incentives, and financing that enable no-cost projects. In Enel’s eBook, discover the critical role that incentives play in your...

Legacy Phone Lines Are Draining Your Profits

Oct. 30, 2023
Copper wire phone line expenses that support emergency devices could be costing your company millions of dollars in wasteful overhead expenses. Rates have been skyrocketing while...

Lean Manufacturing in the Age of the Industrial Internet

Oct. 24, 2023
Read how advanced MES capabilities can help you improve your labor utilization, reduce WIP, and optimize your production. Download the white paper today.

Why DataOps may be the key to unlocking the full potential of digital transformation

Nov. 3, 2023
Read the 2023 market survey conducted by IndustryWeek

Voice your opinion!

To join the conversation, and become an exclusive member of IndustryWeek, create an account today!