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Chrysler Speeds Up Payments: Chrysler Corp. said...

From Times Staff and Wire reports

Chrysler Speeds Up Payments: Chrysler Corp. said it had made stock awards and incentive payments to about 2,000 executives ahead of schedule because of federal income tax changes that take effect Jan. 1. The payments were made last week and include one-time stock awards to executives and incentive payments associated with a $1-billion cost-cutting program, Chrysler spokesman Steven Harris said. The payments stemmed from a “bet-your-check” program set up in July, 1989, in which Chrysler executives could wager up to 10% of their salaries on meeting the cost-cutting goals, doubling their money if successful. Harris declined to reveal the amount of the payments.


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