Chrysler CEO declines salary

NEW YORK (AP) -- Sergio Marchionne declined to take a salary from Chrysler for 2011 despite leading the automaker to its first profitable year since 1997.

Marchionne didn't take a salary, bonus or stock option reward as CEO, president and chief operating officer of Chrysler Group LLC, the company disclosed in a regulatory filing late Tuesday. He is compensated by Fiat SpA, where he also serves as CEO. The Italian automaker owns almost 60 percent of Chrysler.

Last month, Chrysler reported earnings of $183 million for 2011, returning to a profit for the first time in 14 years. At the time, Marchionne promised that both hourly and salaried workers would receive bonuses based on last year's profit.

Chrysler didn't say why Marchionne decided to forgo compensation.

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