New Ford CEO to get $18.5 million payout (plus options, plus...)

[Bozita]

And the minimum wage remains at $5.15/hr.


http://news.yahoo.com/s/ap/20060908/ap_on_bi_ge/ford_ceo_1

New Ford CEO to get $18.5 million payout

By SARAH KARUSH, Associated Press Writer
Fri Sep 8, 6:20 PM ET


DETROIT - Ford Motor Co.'s new chief executive will get an annual base salary of $2 million and an immediate payout of $18.5 million for taking the job, the company said Friday in a filing with the Securities and Exchange Commission.


Alan Mulally, who joined Ford from Boeing Co., where he headed the company's commercial jet-building division, is getting a $7.5 million hiring bonus. On top of that, Ford will pay him $11 million to offset forfeited performance and stock option awards from Boeing.

Ford also granted Mulally 4 million stock options and 600,000 restricted stock units.

more...

[LuckyTheDog]

1. They had a hard time recruiting a CEO

They were turned down by some potential CEOs who didn't want to deal with the Ford family's 40% voting interest (they own only 5% of the company, but get extra-special shares).

Even Mulally resisted at first. But apparently, they made it worth his while.

[AlamoDemoc]

2. excellent article...can we also get Disney's CFO pay rate?

[acmavm]

3. The problem here is that these companies keep recycling the same

assholes. It's like a little club. And Ring Around the Board Table is the game they play.

[LuckyLib]

4. Of course he is. Ford's going into the crapper. Makes perfect sense!

:shrug:

[catnhatnh]

5. OK....

So 2 mil + 18.5 mil for 1 years work.365 days minus 52 weekends-104 days = 261 days of production "overseen"...So he will oversee production days at 7000.00 per day...and if he quits after the first day his compensation will be 18,507,000 dollars...which sounds unfair until you take it down to real terms...a worker making a magic 20 dollars per hour makes 40 k per year so in a mere 46 years and change to make what a REALLY good exec makes the first day....and I'm sure he must be good....

[uncle ray]

10. i think you misplaced a decimal point.

try working 460 years @40g to make 18+ million.

[lpbk2713]

6. How many blue collars did they lay off so they could pay these deadbeats?

And how many benefits did they have to take away?

[Blue_Tires]

7. but as ANY pro-corporate freep will tell you----

it's the UAW and CAW that have too much salary and benefits, bleeding FoMoCo's bottom line....

i wonder how much light our friends at the WSJ and other anti-union media outlets elsewhere will shine on this little fact? Two years ago, they pushed that meme of the "GM union janitor makes $60/hr" nonstop.....

[Thor_MN]

8. Are we really THAT fricking short of CEOs?

They need to ban corporate board circle jerks. There should be at least 6 degrees of separation between board members and officers. No CEO A sitting on Corp B's board while CEO sits on Corp A's and they give each other reach-arounds.

[Bozita]

9. Article posted at 6:20pm ET on a Friday -- Can you say newsdump?

Memory hole, here we come.

All you blue-collar folks, ... keep moving. Nothing to see here. C'mon, keep it going.

[pitohui]

11. bill ford worked for free

sigh

i know he's frustrated but i'm almost sorry he did this

maybe he figures the new insight is worth it but i dunno honestly, people over pay for information, that's why you can win at poker

[krispos42]

12. Well, Boeing's not doing too badly from what I hear

So maybe this will work out. If it does it will be well worth the $20 mil to the company.

That is the real problem with the CEO payrates. Many of the corporations are just so damn big that even the high CEO pay is just a drop in the bucket. It's the upper tier of executives that really take a bite of the salary pie because with the CEO pay sky-high, the suits want their pay to be a sizable percentage of that. "Well, if HE'S making $10 mil, then I'm certainly worth one mil..."

And the entire automotive industry is inbred. Motor Trend did a roadmap of CEOs, designers, senior management, etc. recently, and you see the same person jumping companies and continents every few years!

My concern about his is that Boeing is not a real mass-production thing. I mean, there is a LOT of work in a 747, but you only make a few a year. Ford is selling 10,000 Fusions a month. I doubt Boeing has made 10,000 planes it it's corporate history!

If they had gotten the CEO from like, say, Dell Computers or Remington or Maytag, I'd feel a little better.

[OneBlueSky]

13. this is just plain obscene . . . particularly with Ford laying off . . .

workers and closing plants and all . . .

apparently, appearance means nothing to the corporatists . . . their attitude seems to be "We'll pay ourselves whatever the hell we want (and workers as little as possible), and if you don't like it, go fuck yourselves!" . . .

[oscar111]

15. look at mexico, to find out our future

bleak, unless we win some electiions

[oscar111]

14. 12 million hungry, 36 million "on the edge of hunger", 1 million homeless,

and worldwide, nine million will starve to death.

Does that CEO need any more than four thousand calories per day?
More than one bed to sleep in?
More than a thousand square feet to his house?
More than a volkswagen beetle?

of course not.

[0007]

16. This is what's wrong with this country.

Another corporate whore who pisses on the peons and supports the war criminals in charge.

Better not talk union or they'll come and beat you up!!