Nardelli Will Work For $1 A Year
By Gunnar Heinrich
I can think of plenty of domestic jobs I would like to have done for a dollar a year.
There's that lawn that needs mowing. The cars that need washing. The house that needs cleaning. And I'm almost sure that if I called someone with the promise to pay a buck for a year's worth of work on each of those tasks, that dollar would have paid for the time that person took to swear loudly before slamming down the receiver.
Well, some capital management companies have all the luck in sourcing cheap labor.
Taking plenty of heat for his $210 million golden parachute from Home Depot, Robert Nardelli has been hired by Cerberus to perform the stressful functions of Chrysler CEO on the condition that he does so @ $1 per annum.
Considering that Chrysler posted a $2 Billion loss during this year's first quarter, Mr. Nardelli's pay must seem sensible from the company's Vantage.
According to the Financial Times' Bernard Simon and James Politi:
"The former head of Home Depot's compensation package at the US carmaker, which on Monday relaunched, will be incentive-based," FT reported.
In other words, the company does good, Nardelli does good. Company does bad, Nardelli gets a buck.
[Source: FT]
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