Chrysler's $1.7 billion profit nets workers $2,250 bonuses

[Bozita]

Source: Detroit News

January 30, 2013 at 12:05 pm
Chrysler's $1.7 billion profit nets workers $2,250 bonuses
By Bryce G. Hoffman


Chrysler Group LLC reported Wednesday a net profit of almost $1.7 billion for 2012 and fourth-quarter earnings of $378 million.

That was an eightfold improvement over the $183 million the company earned in 2011 and offered further proof of the automaker's turnaround.

It was even better than the $734 million the company would have made in 2011 if it had not paid back its loans from the U.S. and Canadian governments early, and it exceeded the company's previous projections.

CEO Sergio Marchionne said hourly UAW workers will receive profit-sharing checks averaging $2,250; Ford on Tuesday announced its average profit sharing will be $8,300. Salaried Chrysler workers also will get bonuses.



Read more: http://www.detroitnews.com/article/20130130/AUTO0101/301300364#ixzz2JTqrS2VA

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Thank you, Mr. President!

[Myrina]

1. Would have been nice if that would have been a requirement for the bank bailouts, too ...

.... a little TRUE trickle down, as it were ...

[Scuba]

2. They'll just blow it like they do all their money ...

... on stuff like food, housing and healthcare, thereby boosting our economy.

[valerief]

3. You mean it's not going to all go to 5 execs? What a novel idea! nt

[modrepub]

4. The CEO probably

made 10^4 times that as a bonus. Bonuses for all workers are appreciated.

[MightyMopar]

5. Marchionne gets $0 from Chrysler, $19M from Fiat

Marchionne gets $0 from Chrysler, $19M from Fiat

In an era of executive excess, Chrysler CEO Sergio Marchionne made headlines, earlier this month, when it was reported he took no compensation for his work at the U.S. automaker last year. That was all the more impressive compared to the news, that same day, that Ford Chief Executive Alan Mulally had received $58.3 million in stock alone for 2011.

But for those wondering how deeply Marchionne might have to dig into his pockets to cover the reported $3.5 million home he recently purchased in the Detroit suburbs there’s no reason to worry. While he didn’t get money from Chrysler he did more than okay wearing his other hat, as CEO of the U.S. maker’s Italian partner Fiat.

http://www.nbcnews.com/business/marchionne-gets-0-chrysler-19m-fiat-456123

[samsingh]

6. nice