Dec 15, 2008
The CEOs of Chrysler, Ford and General Motors say they are willing to accept an annual salary of one dollar. Chrysler CEO Lee Iacocca played the same game in the 1980s when Chrysler workers gave up billions of dollars in concessions.
In reality, Iacocca made millions during that time. In 1980, compensation from his Chrysler signing bonus plus stock options totaled $868,000. By 1986, he had become the highest paid CEO in U.S. history. Between 1980 and 1987 he made a total of 43 million dollars in Chrysler stock profits.
This is exactly the “sacrifice” that today’s CEOs intend to make.