After the miracle Ford CEO Alan Mulally and his One Ford team pulled off in turning around the company in the face of an industry meltdown, it might seem hard to argue about the amount of money the CEO makes. But that's exactly what United Auto Workers President Bob King did in front of reporters at an event in Detroit, calling Mulally's $54.5 million stock payment "morally wrong."
CNN Money reports that King said that he liked Mulally, but added, "It creates problems for Ford in both the salaried work force and the hourly work force. It seems like one individual is getting all of the gain."
So how and why would King bring up Mulally's pay at a time when Ford just doled out $5,000 in profit sharing checks to the union? King's statements come as the UAW prepares to negotiate with the Detroit 3 automakers on a new labor contract to replace the last deal that was ratified in 2007. Yeah, that may have something to do with it...
King wouldn't go into specifics when asked what the UAW is looking for in the next contract, but did add that he'd like to get back some of the concessions the UAW agreed upon when the Detroit 3 were losing money by the bushel full. The UAW boss also said that he wasn't looking for a contract that will make Detroit automakers uncompetitive.
[Source: CNN Money | Image: Bill Pugliano/Getty Images]