Keeping Lee in the Driver's Seat

• Share

While U.A.W. members are trying to win back concessions made to automakers during the recession, Chrysler directors last week offered Chairman Lee A. Iacocca, 59, a generous package to stay on the job. Of course it was Iacocca who turned give firm from near bankruptcy to profitable vigor. The board voted to give Iacocca 150,000 Chrysler shares if he remains another three years, and 50,000 more if he stays a fourth. Directors also approved options that allow him to buy 400,000 more shares later at $28. If Iacocca exercised them, and the stock rose another ten points, the total value of his new holdings would approach $12 million.