Ford's CEO Alan Mulally took hope a tidy $13.57 million compensation package for his work in 2008, While that's a handsome sum, it represents a 37 percent cut of the $21.67 million he took home in 2007 – and that's before the ex-Boeing exec takes an additional 30 percent haircut for 2009. By comparison, General Motors' CEO Rick Wagoner and Chrysler's Bob Nardelli are slated to have salaries of $1 each, although both automakers have already received $17.4 billion in federal loans.
In addition, Automotive News reports that the company will abolish merit raises for salaried workers in the U.S. (and in most of its global ops), kill off a worldwide incentive compensation program for 2008 and newer employees, and give no compensation to board members for 2009.
In related news that's causing a bit of consternation, AN is reporting that Mulally and executive chairman Bill Ford will continue to use corporate jets for business and private travel. The flights will be chartered planes, as Ford put its own fleet of private aircraft up for sale some time ago after being chided by politicians during the bailout hearings on Capitol Hill.
Speaking of which, Ford also has some news on that front, as well. The Wall Street Journal reports that House Majority Leader Richard "Dick" Gephardt has now found a seat on the Blue Oval's board, as has Anthony Earley, chairman and CEO of DTE Energy Co. The two bigwigs replace seats vacated by members who reportedly no longer have the necessary time to serve.
[Sources: Automotive News - subs. req.; Wall Street Journal | Image: AFP/Getty]