P. M. BRIEFING : Iacocca--Only $3.66 Million in ’88

Chrysler Chairman Lee A. Iacocca, among the highest-paid U.S. executives in recent years with double-digit million-dollar paychecks, took home a relatively modest $3.66 million in 1988, the auto maker said today.

A spokesman for Chrysler said Iacocca’s lower pay last year, which includes salary, bonus and stock compensation, was due to his decision to exercise fewer stock options than he had in the past.

Iacocca’s paycheck in 1987 was $17.9 million, and in 1986 he earned more than any other U.S. executive, with total compensation of $24 million. Both figures were substantially boosted by the proceeds of exercised stock options.