The man who once saved Chrysler can’t save his own car

Jun 03, 2009

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.