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Report: GM CEO Dan Akerson earned $2.5 million in 2010

Filed under: GM, Earnings/Financials

Despite only holding the reins of General Motors for the last four months of 2010, company CEO Dan Akerson received $2.5 million in compensation last year. Akerson took over the post from Ed Whitacre on Sept. 1, after Whitacre stepped down. According to The Detroit News, Akerson was paid $566,667 in salary from GM and a further $1.76 million in stock awards. Not bad for four months’ work.

Akerson’s earnings are subject to review by the federal government, since they still own a 32 percent share of the company. For 2011, Akerson won’t get a raise, which means he’ll earn $9 million this year, the same amount Ed Whitacre would have been paid had he made it an entire year.

Akerson was at the helm for GM’s IPO in November, and helped the company close out 2010 posting its biggest profit in ten years.

[Source: The Detroit News]

Report: GM CEO Dan Akerson earned $2.5 million in 2010 originally appeared on Autoblog on Sat, 23 Apr 2011 17:01:00 EST. Please see our terms for use of feeds.

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Ford earned $190M in Q4, $6.6B in 2010

Filed under: Ford, Earnings/Financials

Ford announced this morning that the company earned net income of $190 million in the fourth quarter of last year, which is actually down sharply from the $886 million earned in the same quarter a year ago. The reason for the dip, however, is a good one, as Ford took on $960 million in debt reduction charges during the quarter, which ultimately reduced the company’s debt by $1.9 billion.

It’s a different story for last year as a whole, as Ford is reporting a $6.6 billion, that’s with a ‘b’, profit for all of 2010 – Ford’s best fiscal performance in over a decade. This means the Blue Oval has $20.5 billion in gross cash on hand, while it’s debt has been reduced to $19.1 billion. Over the course of last year, Ford reduced its debt by a total of $14.5 billion or 43 percent, all of which was taken on before the financial crisis and used to weather the storm of uncertainty.

Ford’s full-time work force will also be happy to hear that the company’s financial performance last year means healthy profit sharing in the form of approximately $5,000 for each employee. Ford also announced that it’s raising its first-quarter production plan in North America by 15,000 units to 650,000, which means even more job security for those on the assembly room floor.

[Source: Ford, Automotive News – sub. req.]

Continue reading Ford earned $190M in Q4, $6.6B in 2010

Ford earned $190M in Q4, $6.6B in 2010 originally appeared on Autoblog on Fri, 28 Jan 2011 10:27:00 EST. Please see our terms for use of feeds.

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Marchionne: Chrysler earned operating profit in Q2

Filed under: Chrysler, Earnings/Financials, Fiat

Chrysler may be more than a little short on new products right now, but that apparently isn’t stopping Team Pentastar from bolstering its bottom line. The Detroit Free Press reports that Fiat/Chrysler CEO Sergio Marchionne told reporters that Chrysler managed to produce black ink between April and June. We won’t know exactly how much money Detroit-based automaker pulled in until August.

In any case, this counts as phenomenal news for the struggling automaker, which went through bankruptcy proceedings during the second quarter of 2009. Chrysler also posted an operating profit of $143 million in the first quarter, though one-time costs meant an overall loss of $197 million at that time.

While we’ll have to wait a couple more week for Chrysler’s official Q2 numbers, Fiat has already posted its results for the quarter. The Italian automaker managed a $146 million profit bolstered by a 12.5 percent increase in revenue. Global sales reportedly grew by 6.7 percent versus the same quarter in 2009, even with a 21.5 percent drop in sales in Italy. Fiat’s domestic market sales were negatively impacted due to the end of the country’s Cash for Clunkers-style program.

[Source: Detroit Free Press | Image: Joe Raedle/Getty]

Marchionne: Chrysler earned operating profit in Q2 originally appeared on Autoblog on Wed, 21 Jul 2010 18:59:00 EST. Please see our terms for use of feeds.

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