Lee Lacocca and Chrysler Bankruptcy: loss of benefits

Filed under: Autos | By: Alan Ng
Posted on: May 29, 2009 | No Comments

It has been revealed this morning that Lee Lacocca, the car executive who managed to save Chrysler from bankruptcy in the 1980’s, is to lose a significant amount of his pension as well as a ‘guaranteed for life’ company car.

That’s according to Reuters, who state that Lacocca will no longer be able to recieve these incentives as a result of Chrysler’s bankruptcy filing.

Chrysler themselves have stated that they regretted the action “in light of the many contributions these individuals have made to Chrysler over the years“, while also adding that whoever takes charge of Chrysler after the hearing, is unlikely to reinstate the program.