GM’s bankruptcy means Lee Iacocca has to return company vehicle
Lee Iacocca, the former CEO, chairman and pitchman for Chrysler
in the 1980s, will apparently lose what was supposed to be a guaranteed
life-long company car as a result of GM’s Chapter 11 bankruptcy filing.
Yahoo News posted a Reuters press release reporting that Chrysler CEO Robert Nardelli
told a bankruptcy court last Thursday that Chrysler also wouldn’t have
to pay Iacocca’s pension if GM received bankruptcy protection, which it
did on Monday.
GM reached out to former executives with similar statements. It
seems other senior executives with company vehicles are being asked to
return their cars or pay for them as well. “The New Chrysler does not
expect to reinstate the car program,” the company said.
We recommend that GM read our blog post about reclaiming company cars from former employees.