California Autos Examiner

Tuesday, March 24, 2009

Ford Cuts Salaries of Top Execs, But I'd Still Take the Job

It's all relative. To me, compensation packages of $13,565,378, $4,740,669 and
$4,829,298 still look pretty generous. We're all aware of Alan Mulally and his calming influence during this maelstrom. I'm not that familiar with Mr. Lewis and when it comes to the mullet man himself, Mark Fields, well I have mixed feelings.

Ford is generally perceived as being better off than its domestic rivals. Much of this stems from the fact that Ford setup a lot of credit facilities while conditions were still favorable. Given the court of public opinion, Ford's luster only grows shinier as it appears before various bureaucratic tribunals merely to support others rather than ask for cash itself. This could all come to a screeching halt if things don't turn around in 2010. Ford is banking on not only a general recovery but public acceptance of its European influenced lineup that is headed to a dealership near you. Does this performance justify over $22 million in compensation? You tell me!

Ford Chief Executive Alan Mulally's salary was unchanged in 2008 from 2007 at $2 million. He also received no bonus last year. The company earlier announced that he will take a 30% cut to his salary in 2009 and 2010. Ford has posted $30 billion in losses since 2006.

Mr. Mulally's total listed compensation declined 37% to $13,565,378, according to a government regulatory filing by the company Tuesday. According to earlier U.S. Securities and Exchange Commission filings, Mr. Mulally has earned nearly $50 million in compensation since taking the helm of the auto maker in late 2006, though the value of his compensation through the company stock has declined.

Lewis Booth, Ford executive vice president and chief financial officer, earned $1,075,000 in salary and no bonus in 2008. His total listed compensation declined 54% to $4,740,669, according to the company's preliminary filing with SEC Tuesday.

Mark Fields, Ford executive vice president and president, the Americas, earned $1,300,000 in salary and no bonus in 2008. His total listed compensation declined 42% to $4,829,298.

source: wsj

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