Ford’s Mulally Highest Paid Big 3 Exec Despite 37-Percent Pay Cut

by
Canadian Auto Press

Why is this man smiling? Not only does Ford CEO Alan Mulally run the only domestic automaker not to involve itself in the

Why is this man smiling? He made $13+million in a down market! (Photo: Ford)

US federal loan bailout packages, but he’s also the only leader of the Big 3 to take home a paycheck at all.

Mulally received a 2008 compensation package that might not top Tiger Woods’ or Venus Williams’ individual earnings, $13.57 million USD is a pretty tidy sum. And that, according to Automotive News was after a 37-percent pay cut from his $21.67 million 2007 earnings. Comparatively, Rick Wagoner of General Motors and Bob Nardelli of Chrysler earned a mere $1 apiece in 2008 – don’t worry, they’re hardly hurting personally after years of generous paychecks.

Mulally, after reducing his income by another 30-percent in 2009, will continue to trim back within Ford’s salaried workforce as well, with an end to traditional merit-based raises in the U.S. and in most of the markets it operates in worldwide, put the brakes on a global incentive program for employees that came on after 2007, and eliminate compensation to board members this year.

The Automotive News reports states that while Ford’s rather impressive fleet of corporate jets will be sold off in an effort to streamline expenses, chartered jets will be made available to Mulally and chairman Bill Ford Jr. for business and private use, part of the ex-Boeing CEO’s initial employment package, a perk that has some crying foul.