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 yesterday.Ford is giving the usual excuses about acquiring talent, the market rate blahblahblah. The news channel I was watching interviewed a few Ford autoworkers who looked like someone had stuck a really sour lemon in their mouths.
His compensation included an $18.5 million bonus that Ford, which reported a record $12.7 billion loss last year, disclosed in September when it hired him from Boeing.
Figures in Ford’s annual proxy statement show that his pay was more than three times that of any other executive at the company. That includes the executive chairman, William Clay Ford Jr., who has kept a 2005 promise not to accept any new salary, bonus or stock awards until Ford consistently earns a profit.
The second-highest pay, $8.67 million, was also 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 overhaul plan, known as the Way Forward. The awards were part of a retention program that the company recently abandoned.
I'm a very lucky person with every allergy known to man but still happy to be enjoying a wonderful life living in the best place in the world!