Ford CEO paid $39.1 million for four months work

[jetdawgg]

Exec’s compensation comes after automaker lost $12.7 billion in 2006

Alan Mulally, Ford Motor Co.’s new president and chief executive officer, received compensation valued at $39.1 million during his four months on the job last year, according to an analysis of a federal regulatory filing made Thursday.

Mulally succeeded Bill Ford as CEO of the Dearborn, Mich.-based company on Sept. 1.

The nation’s second-biggest automaker lost $12.7 billion in 2006, the largest loss in its 103-year history, largely due to a massive restructuring plan undertaken amid a withering assault from Asian automakers that have taken an increasing share of the U.S. auto market.

Ford expects more losses this year and in 2008, but expects to return to profitability in 2009.
Mulally was paid a salary of $666,667 in 2006, a prorated amount based on the $2 million annual salary that the company agreed to pay him, according to Ford’s proxy statement filed with the Securities and Exchange Commission.
Mulally also received a $7.5 million hiring bonus and $11 million to offset performance and stock option awards that he forfeited when he left his previous employer, aircraft maker Boeing Co.
He got other compensation totaling $334,433, which included $172,974 for required use of corporate aircraft and $55,469 for relocation costs and temporary housing.
Ford also gave Mulally stock and options awards that had an estimated value of $19.6 million when they were granted his first day on the job, the company said.
The Associated Press calculates total pay including executives’ salary, bonus, incentives, perks, above-market returns on deferred compensation and the estimated value of stock and options awards granted during the year. The calculations don’t include changes in the present value of pension benefits or the company’s cost of stock and options granted before 2006, and the figures can differ from the company’s total.
Bill Ford, who still is the automaker’s executive chairman and is a great-grandson of company founder Henry Ford, received no cash salary or bonus in 2006 pursuant to his May 2005 compensation arrangement to forgo such compensation until its automotive sector achieves sustainable profitability.
The company did, however, give Ford stock and options awards that had an estimated value of $4.9 million when they were granted on March 10, 2006. He also got $393,848 in other compensation, including $185,232 for required use of corporate aircraft and $85,708 for security, giving him $5.3 million in total compensation.
The proxy statement said the automaker’s annual shareholder meeting will be held May 10 at the Hotel du Pont in Wilmington, Del. Shareholders are scheduled to elect 12 members of the board of directors and vote on nine proposals, including ones that would:

• Give holders of 10 percent of Ford’s outstanding common stock the power to call special shareholder meetings.
• Give one vote to each share of outstanding stock. Ford family shares now are allowed 16 votes each while other shares get one vote each.
• Set goals for reducing total greenhouse gas emissions from the company’s products and operations.
• Require the board to publish annual reports on global climate change.
• Remove references to sexual orientation from Ford’s written equal opportunity employment policies
• Compel Ford, in future proxy statements, to identify all executive officers who are contractually entitled to receive in excess of $500,000 annually.
• Require that at least 75 percent of future equity compensation awarded to senior executives be performance-based.
• Require Ford to issue a report on how it plans to address rising health care expenses without compromising the health and productivity of its work force.

The filing said the board recommends votes against each proposal except for one in support of selecting PricewaterhouseCoopers LLP as Ford’s independent registered public accounting firm for 2007.

http://www.msnbc.msn.com/id/17965096/

[OLE SARG]

AND we wonder WHY THE COST OF NEW CARS is so high!!!!!!!!! Paying these fatass, do-nothing, pseudo-intellectual, ****heads a fortune for DOING NNNOOOTTTHHHIIINNNGGG!!!!!!!!!!!!!!!!!!!!!!!!!!!!! !!!!

SEMPER FI,

[jetdawgg]

And a lot of people who worked there for years lost their pensions.

This guy is worth 10 Million a month? Do you know how many pensions that could pay?

Off the charts

[cball]

Yes and did you know about half of the Ford cars are made in Mexico..

[Zulu 36]

It's called a free-market. He named a price, FoMoCo was willing to pay it.

Whether he is worth the price or not is an entirely different matter. THAT matter lies between him, the board of directors, and the stockholders of Ford.

How do we, the general public, influence these pay scales? Two ways: First, become a stockholder, and second, stop buying products made by that company. When sales plummet (thus the value of the stock drops), and enough stockholders start holding the board of directors responsible, things will change.

That is the theory of how it works. Practice, of course, is more difficult.

[narc]

cball

half of ford cars are not made in mexico
this man did a great job for boeing, if he can get americans back in american
cars then he's worth it. ford trucks are still the best trucks in the world.
i dont care what the damn tv says .

[USMCmailman]

Sorry narc, I drive a Toyota Tacoma 4x4, built in California! Not a Ford built in Mexico or a Buick built in Canada!!!!!! There is no such thing as an American Car!

[marinegreen]

Sorry folks, but if a major company offered me a job as CEO and told me to fix the problem but if you cant then we'll pay your azz off of $39 million and boot your azz out the door I damn sure wouldnt tell them no. Hell look at the guy who got $ 200 million from Home Depot. Myself I've never refused a payraise.

[USMCmailman]

RIGHT ON Jerbear!

[narc]

mailman
its your money you have earned the right to spend it where you please
my point is ford is an american compay and ford trucks are made here
i will always try to buy from americans first.

[FistFu68]

WAIT TILL THE GERMAN'S,SELL MOPAR

[10thzodiac]

mailman
its your money you have earned the right to spend it where you please
my point is ford is an american compay and ford trucks are made here
i will always try to buy from americans first.

I was always a GM man, until Chevrolet told me to take a flying fcuk at a rolling donut. Best thing they could of ever told me, I have bought 2 Toyota's since. The first one was a 1985 Celica GT that was totaled in 2003 otherwise I would be still driving it. The 2004 Corolla I have now gets 24 mpg city 33-35 highway. Only thing that has gone wrong was the battery under warranty. The '85 Celica during 18 years I only had the radiator and fuel injector replaced.

I would of bought a Toyota Camry, but after the car came in (ordered special) I refused to sign a mandatory arbitration agreement (can't sue dealer) with Elmhurst Toyota of Illinois and took my Toyota business elsewhere.

I told those *******s at GM to remember where they first heard they'd be unemployed and who would be laughing

My son's buddy that owns a prosperous body and fender shop, jokingly told me FORD's are Fcuked Over Rebuilt Dodges. This 39 year-old owns homes in Illinois and Florida. He drives a big new Lincoln (FORD).

My son told me when his buddy first started, he'd straighten car frames by tying a chain around a tree and attach the other end to the car, you know the rest

My son bought a loaded Ford Explorer and a loaded Dodge Grand Caravan and the last month told me his next vehicle is a Toyota. I suggested the Honda too, as their air bags go straight up, not out at you.

[cball]

narc,Let me tell you a little story.I bought a new 04 Ford F150 Supercrew ,I traded in a 96 Ford F150 .Last year we went to trade in the wifes 98 Tarus in on a new Fusion and was all set to buy it ,when I found out they were made in MEXICO.We didnt buy it.Ford Fusion , Focus and the Mercury Milan are made in Mexico..The Crown Vic,Mercury Monterey and Mercury Grand Marquis ,Canada... Ford trucks USA at least for now..

[10thzodiac]

When I took the wife back home to Japan last year, everything was made in China. I just broke down and bought the wife a 40" Sony HD LCD TV and it was made in China

[Sgt Leprechaun]

This line is telling : "Require the board to publish annual reports on global climate change"

What complete and utter twaddle.

More power to this guy. It is, after all, a free market economy.

Everyone who has turned down a raise, or a better job, with better benefits, because "the poor" or "the other workers" weren't getting the same deal YOU were, please take one step foward.......NOW.


And, I make well under 50 grand a year, and work two jobs to do it. But this class envy crap gets us nowhere.