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Chrysler execs' pay day
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May 13, 1998: 6:53 a.m. ET
Chiefs may reap $1B-plus in options and golden parachutes may open
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NEW YORK (CNNfn) - Top Chrysler Corp. executives reportedly will be able to reap more than $1 billion in shares through the auto maker's mega-deal with Daimler-Benz AG.
The Wall Street Journal, citing Securities and Exchange Commission filings, reported the top chiefs at the No. 3 U.S. auto maker will be able to collect the stock windfall as they convert their options into stock early.
The Journal also reported that any of Chrysler's top 30 executives who lose their jobs in the deal stand to receive multi-million dollar golden parachutes.
The two companies last Thursday announced a $38 billion stock deal to form DaimlerChrysler AG, in the biggest cross-border and largest industrial deal ever.
The deal still faces regulatory and shareholder approval.
Chrysler Chairman and Chief Executive Officer Robert Eaton could reap more than $100 million in DaimlerChrysler shares based on the $61-a-share price offered.
Chrysler shares (C) yesterday closed at 51 down 1-1/2 in New York Stock Exchange trading.
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Chrysler
Daimler-Benz
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