Roanoke Times
Copyright (c) 1995, Landmark Communications, Inc.
DATE: SATURDAY, April 13, 1991 TAG: 9104130344
SECTION: BUSINESS PAGE: A-8 EDITION: METRO
SOURCE:
DATELINE: DETROIT LENGTH: Short
Separate from his compensation as Chrysler's chairman, the company paid Iacocca $1.7 million for two pieces of property he owned in Florida and Michigan, the company's annual proxy statement to shareholders showed.
The revelations drew stinging criticism from the United Auto Workers, which represents more than 60,000 active Chrysler workers. Earlier in the week, the union blasted Ford Motor Co. for paying its chairman, Harold Poling, $1.2 million last year.
General Motors Corp., the nation's largest corporation, was expected to release its proxy statement next week.
A proxy statement is a publication sent to shareholders that includes such information as executive compensation and issues to be voted on at the company's annual meeting. Chrysler's meeting is May 16 in Belvidere, Ill.
The proxy says Iacocca received $918,182 in salary last year, a $218,417 reward for reaching a corporate cost-cutting goal and about $3.4 million through various stock plans. He exercised no stock options.
In 1989, Iacocca received about $4 million in compensation. In 1986, his most lucrative year, he received $20.6 million.
- Associated Press
by CNB