1.
U.S. markets recover from steep losses
AUBURN HILLS, Mich., Feb. 28 (UPI) -- Former DaimlerChrysler AG executive Tom LaSorda received $20.7 million for his help selling a majority of the company last August, it was reported Thursday.
Cerberus Capital Management acquired control of DaimlerChrysler on Aug. 4, leaving Daimler with 19.9 percent of the company. As part of the deal, LaSorda resigned from the DaimlerChrysler management board and was named Chrysler's president and vice chairman.
The large bonuses, revealed by Wednesday's filing at the U.S. Securities and Exchange Commission, had drawn criticism from the United Auto Workers last August, although the exact amount was unknown.
Restructuring at Chrysler after the deal resulted in a reported $2.9 billion in losses in the two months following the transaction.
Chrysler denied the loss, claiming it was profitable during that period, The Detroit News reported.
"Since August and the return of Chrysler as an independent company, we have not only been meeting, but in many cases exceeding all key metrics," company spokesman David Barnas said in a statement.
|
|
|
|
|
|
| Additional Business News Stories | |
CANBERRA, Australia, May 23 (UPI) --
Australia has passed legislation establishing the $10 billion Clean Energy Finance Corp. to provide grants and government investment to green projects.
|
ORLANDO, Fla., May 23 (UPI) --
The U.S. Air Force has added Lockheed Martin to its list of companies for support of its medical services worldwide.
|
The housing inventory rose slightly in April, which is unusual in the middle of the spring sales season. The uptick may be the result of rising seller confidence and it should ease concerns that the super tight inventory levels of the last six months...
|
What if Europe turned out to be the new Japan?
|
| Stories | Photos | People | Comments |
View Caption
