Chrysler to give some profits back to workers

In a surprise and rare move, the automaker will be rewarding those who worked to bring in major profits

Topics: Chrysler, United Auto Workers, Auto Bailout,

Chrysler to give some profits back to workers(Credit: AP)

A major corporation is sharing profits with its workers? What sort of death spiral toward Stalin’s gulags does Chrysler want to put us on?

Aol reported Friday that, following a major turnaround since its government bailout four years ago, Chrysler planned to reward its workers with a share of profits. “There can be no more doubt that our comeback is real,” Chrysler CEO and Chairman Sergio Marchionne said in an email to workers, adding that the “credit for our turnaround is yours.” The automaker’s turnaround included a $1.7 billion profit, up from $183 million in 2011.

According to Chrysler’s current contract with the United Auto Workers, eligible union members should expect to receive a check of about $2,250. This is not the first time Marchionne has acted as an untypical CEO. In 2010 and 2011, following the bailout, he turned down both a salary and a bonus for two years in a row.

Natasha Lennard

Natasha Lennard is an assistant news editor at Salon, covering non-electoral politics, general news and rabble-rousing. Follow her on Twitter @natashalennard, email nlennard@salon.com.

More Related Stories

Featured Slide Shows

  • Share on Twitter
  • Share on Facebook
  • 1 of 11
  • Close
  • Fullscreen
  • Thumbnails
  • Recent Slide Shows

Comments

0 Comments

Comment Preview

Your name will appear as username ( settings | log out )

You may use these HTML tags and attributes: <a href=""> <b> <em> <strong> <i> <blockquote>