Chrysler CEO declines 2011 pay

DETROIT (Reuters) - Chrysler Group LLC's top executive declined a salary and bonus for a second straight year in 2011, when the Detroit automaker repaid more than $7 billion in government loans from its bankruptcy restructuring nearly three years ago.

Chief Executive Sergio Marchionne is still compensated as CEO of Italian automaker Fiat SpA , which owns 58.5 percent of Chrysler and paid him 3.5 million euros ($4.5 million) in 2010.

Chrysler reimbursed Marchionne for cleaning and other costs at his condominium in Michigan, according to an annual regulatory filing released late Tuesday.

Marchionne has been CEO of both automakers since Chrysler emerged from bankruptcy in June 2009. His hard-charging style has been credited with bringing the U.S. automaker back from the brink of collapse and reviving Wall Street's interest.

Chrysler's improved financial performance pushed its value to $7.5 billion at the end of 2011, according to U.S. Securities and Exchange Commission filing. That is a 56 percent spike from its 2010 value of $4.8 billion.

The increase in Chrysler's value is "primarily attributable to continued improvement in our performance and achievement of the objectives outlined in our business plan," Chrysler said.

Chrysler reported a 2011 profit of $183 million after a $652 million loss in 2010. Its U.S. auto sales rose 24.3 percent, outpacing the industry's 10.3 percent jump, helped by the launch of 16 new and improved models.

In May, Chrysler refinanced $7.6 billion of high-interest loans from the United States and Canada that were extended as part of the company's unpopular 2009 bailout. Fiat later bought the equity stakes held by the U.S. and Canadian governments.

FROM DETROIT TO TURIN

Marchionne has shuttled between Auburn Hills, Michigan, and Fiat's headquarters in Turin, Italy, since 2009 when Fiat assumed management control and took a one-fifth stake in Chrysler as part of the terms of the U.S. automaker's bankruptcy.

Chrysler reimbursed him for utilities, insurance, security and association fees at his Michigan condominium. Chrysler said those costs were on par with or less than what it would have cost for Marchionne to stay at hotels in the area.

His 2011 pay package from Fiat has not yet been disclosed.

Since 2009, Chrysler's rebound has exceeded many analysts' expectations. But Chrysler also had its missteps, such as when sales of the Fiat 500 small car fell far short of U.S. targets.

Over the course of 2011 and early 2012, Fiat increased that stake in Chrysler from 20 percent to 58.5 percent. Chrysler has now emerged as Fiat's chief source of financial strength.

Chrysler, which is not public, said its ownership structure consisted of 980 million shares. Each share was worth $7.63 as of December 31, according to the company's calculations.

($1 = 0.7622 euros)

(Reporting By Deepa Seetharaman; Editing by Matthew Lewis and Steve Orlofsky)