Today Ford Motor Company has announced that two of its top executives, Chief Executive Alan Mulally and Executive Chairman Bill Ford will each take a 30% pay cut.
Mulally who made about 23 million dollars in salary, bonuses, and perks in 2007 may now have to scrape by on just a little more than a paltry $1.4 million since the company has also cut bonuses for 2008 and 2009.
This all comes as a surprise since Mulally went to Capitol Hill three months ago and when asked if he would be wiling to take a pay cut said, "No, I'm good."
Executive Chairman Bill Ford already agreed to defer salary and bonuses way back in 2005 until the company improves its profitability.
So, to further show that the company is serious about trimming the fat, it has offered buyouts to 42,000 hourly workers. As one highly-paid union worker quipped, "I know a bunch of us guys who weren't offered buyouts would gladly work for free if Salma Hayek came by every once in a while and breast-fed us."
Wednesday, February 25, 2009
Problem solved!
Today Ford Motor Company has announced that two of its top executives, Chief Executive Alan Mulally and Executive Chairman Bill Ford will each take a 30% pay cut.
Mulally who made about 23 million dollars in salary, bonuses, and perks in 2007 may now have to scrape by on just a little more than a paltry $1.4 million since the company has also cut bonuses for 2008 and 2009.
This all comes as a surprise since Mulally went to Capitol Hill three months ago and when asked if he would be wiling to take a pay cut said, "No, I'm good."
Executive Chairman Bill Ford already agreed to defer salary and bonuses way back in 2005 until the company improves its profitability.
So, to further show that the company is serious about trimming the fat, it has offered buyouts to 42,000 hourly workers. As one highly-paid union worker quipped, "I know a bunch of us guys who weren't offered buyouts would gladly work for free if Salma Hayek came by every once in a while and breast-fed us."
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