Ford’s CEO Made Over $28 Million - In His First Four Months
OBSCENE !!!
The Ford Motor Company paid its new chief executive, Alan R. Mulally, $28.18 million in his first four months on the job, the automaker said in a regulatory filing today.
Mr. Mulally’s compensation included an $18.5 million bonus that Ford, which reported a record $12.7 billion in losses last year, disclosed in September when it hired him from Boeing.
Figures detailed in Ford’s annual proxy statement show that he earned more than three times as much as any other company executive, including the executive chairman, William Clay Ford Jr., who has kept a promise made in 2005 not to accept any new salary, bonus or stock awards until Ford can consistently earn a profit. The second-highest pay, $8.67 million, also was for only a few months’ work; it went to James J. Padilla, who retired as president and chief operating officer in July.
Three executives received bonuses for their roles in reducing manufacturing capacity, cutting costs and achieving other goals as part of Ford’s restructuring plan, known as The Way Forward. The awards were part of a retention program that the company recently abandoned.
Mark Fields, president of the company’s Americas division, earned $2.29 million of his $5.57 million in total compensation from that program. Lewis W. K. Booth, executive vice president for Europe, received a $1.7 million retention incentive, while Don R. Leclair, Ford’s chief financial officer, received $1.32 million.
Ford said it spent $517,560 to give Mr. Fields use of a company jet in 2006, a perk he stopped using in January after it received considerable negative publicity. Ford now buys first-class commercial airfares for Mr. Fields to fly from the company’s offices in Dearborn, Mich., to his family’s home in South Florida each weekend.
Executive compensation at all three Detroit automakers has been closely scrutinized since they began restructuring plans that will close dozens of factories and eliminate tens of thousands of jobs. They are attempting to overcome multibillion-dollar losses and become more competitive with foreign-based rivals like Toyota and Honda.
This year, as the automakers negotiate a new labor agreement with the United Automobile Workers union, workers are certain to resist demands for concessions if they consider company executives to be earning excessive salaries.
In recent months, union members have criticized the awarding of restricted stock option bonuses to top executives at General Motors — although G.M. paid no cash bonuses for the second consecutive year — and a proposal at Ford to pay bonuses to executives there. Ford later announced a program to pay “modest” bonuses of at least $300 to all employees.
Mr. Mulally earned a base salary of $666,667, which on an annualized basis translates to $2 million. He was granted a $7.5 million signing bonus and $11 million to make up for bonuses and stock options he forfeited by leaving Boeing. Ford valued the stock and option awards he received last year at $8.68 million.
In his final year at Boeing, where he headed the commercial airplanes division, Mr. Mulally earned a total of $9.96 million.
Meanwhile, working class Americans are being laid off left and right and being downgraded to minimum wage!
Are you good and mad yet America?
How much longer are going to take this crap???
28.18 million for 4 months of work?This is Ford's vision of streamlining a company and making it more profitable?And while closing plants in the U.S. and putting all these people on unemployment?This goes to show the corporate world doesn't have a grip on what goes on in the life of the working men and women.Maybe this is also why the auto industry is getting overrun by the Koreans,the Japanese and soon China.When Henry Ford started building cars ,he massed produced and sold a product that the working man could afford to buy.How can you sell something when there is corporate greed that starts at the CEO and trickles down?
welcome! and thanks for your comment!
The problem with corporate America is that its GRIP on the American economy IS TOO STRONG - they are, basically, industrial fronts for bankers and they CONTROL the market.
Their GOAL is to exploit American workers and then dismantle American industry.
This is all part of what appears to be a masterplan to create a homogenous worldwide slave labor pool, in which NO COUNTRY, not even America, has a working middle class anymore.
Americans were spared for a few decades, but our turn is now up.
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"Money" has no value - people do.