Autoblog http://www.autoblog.com Autoblog http://www.blogsmithmedia.com/www.autoblog.com/media/feedlogo.gif Autoblog http://www.autoblog.com en-us Copyright 2009 Weblogs, Inc. The contents of this feed are available for non-commercial use only. Blogsmith http://www.blogsmith.com/<![CDATA[Mulally and Wagoner reconsider $1 salary for federal aid]]>http://www.autoblog.com/2008/12/02/mulally-and-wagoner-reconsider-1-salary-for-federal-aid/http://www.autoblog.com/2008/12/02/mulally-and-wagoner-reconsider-1-salary-for-federal-aid/http://www.autoblog.com/2008/12/02/mulally-and-wagoner-reconsider-1-salary-for-federal-aid/#commentsFiled under: , , ,

Chrysler CEO Bob Nardelli was the only auto exec who readily offered to work for a buck if it meant securing federal aid from Congress in the form of bridge loans. Ford CEO Alan Mulally famously told the politicians sitting before him, "I think I'm OK where I am." We would be OK too with the tens of millions of dollars that Mulally has received as compensation so far from Ford. GM CEO Rick Wagoner was described as being "demur" when asked about lowering his salary to a $1.

Now it seems that the boy from Boeing and the Ricker are reconsidering their previous reluctance to take a pay cut. The Detroit Free Press is reporting that both CEOs are prepared to tell Congress on Thursday that they would be willing to work for $1 if it meant getting the approval of Congress for federal loans.

Congress had previously demanded the each of the Detroit 3 automakers submit a detailed plan to Congress outlining how they would use the federal loans to return to profitability and ensure the long term viability of their companies. Ford is the first to turn their homework in, which reveals the Blue Oval expects to be making money again in 2011 and will have an all-electric sedan on sale by then. All it's asking in return is a $9 billion slice of the $25 billion federal aid package that would only be used if necessary. Ford already has enough credit to survive through 2010 and only envisions needing the fed's money if something happens to either GM or Chrysler.

[Source: Detroit Free Press]

Mulally and Wagoner reconsider $1 salary for federal aid originally appeared on Autoblog on Tue, 02 Dec 2008 13:27:00 EST. Please see our terms for use of feeds.

Permalink | Email this | Comments]]>alan mulallyAlanMulallyceo compensationceo payCeoCompensationCeoPaycompensationmulally one dollarMulallyOneDollarone dollarOneDollarrick wagonerRickWagonerwagoner one dollarWagonerOneDollarTue, 02 Dec 2008 13:27:00 EST<![CDATA[Wagoner gets a raise to what he made in 2003]]>http://www.autoblog.com/2008/03/07/wagoner-gets-a-raise-to-what-he-made-in-2003/http://www.autoblog.com/2008/03/07/wagoner-gets-a-raise-to-what-he-made-in-2003/http://www.autoblog.com/2008/03/07/wagoner-gets-a-raise-to-what-he-made-in-2003/#commentsFiled under: ,



After an abysmal 2005 where GM lost over $10 billion, CEO Rick Wagoner received a sizable pay cut from $2.2M to $1.28M. Yeah, we know, cry him freakin' river. The General's relative success of late, however, has convinced the board that Wagoner deserves to have his annual pay restored to the $2.2M he made from 2003-2005. While $2.2M is certainly a lot of coin, it's a drop in the bucket compared to what many CEOs are making these days.

GM is making up for Wagoner's meager pay by bolstering his portfolio with 165,000 shares, 500,000 stock options, and 75,000 restricted shares. If GM hits some pre-determined goals, the CEO will also receive up to $3.53 million in cash, and if GM shares hit $40 a share by 2012, the Duke grad will get an additional 500,000 stock options. With Wagoner's background in finance, we're sure he knows that all adds up to a nice chunk of change.

[Source: Automotive News, sub. req'd]

Wagoner gets a raise to what he made in 2003 originally appeared on Autoblog on Fri, 07 Mar 2008 07:27:00 EST. Please see our terms for use of feeds.

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When possible, we like to cross-reference stories with other news sources before we report on them, and we've found this to be even more important when the topic at hand is hard data. When we came across a Reuters' story proclaiming that GM CEO Rick Wagoner was taking a 25-percent pay cut beginning in March of this year, a quick search of Google News revealed that, depending on the source, there could be a $370,000 discrepancy - and a possible raise for Wagoner.

[Sources: Bloomberg, Detroit Free Press, Detroit News, GM, Reuters]

Continue reading Wagoner cuts pay by 25% to aid turnaround, well kind of

Wagoner cuts pay by 25% to aid turnaround, well kind of originally appeared on Autoblog on Sat, 28 Apr 2007 11:42:00 EST. Please see our terms for use of feeds.

Read | Permalink | Email this | Comments]]>ceocompensationgeneral motorsGeneralMotorsgmrickstockwagonerSat, 28 Apr 2007 11:42:00 EST<![CDATA[Alan Mulally making friends fast, receives a raise]]>http://www.autoblog.com/2007/03/01/alan-mulally-making-friends-fast-receives-a-raise/http://www.autoblog.com/2007/03/01/alan-mulally-making-friends-fast-receives-a-raise/http://www.autoblog.com/2007/03/01/alan-mulally-making-friends-fast-receives-a-raise/#commentsFiled under: , ,

Alan Mulally went to Ford to kick ass and chew bubblegum, and now he'll be able to afford more Hubba Bubba. It's really a stock option bump -- from $5 to $6 million -- as a reward for taking FoMoCo by its earlobes and attempting to drag it out of the mire it's stuck in. We have seen more focus out of Dearborn as Mulally rallies the troops, and the compensation is recognition that the good fight is being waged. Intent on keeping its four-star general focused, the board has also allowed Mulally's immediate family and guests access to Ford aircraft for personal use, even without the presence of the CEO. While it may seem egregious - it makes sense. Rather than chaperone people around, Mulally's time is better spent running Ford. Also, since his family hasn't completed a relocation from Seattle, it allows them to get together with a less heroic effort. Even CEOs want to see their spouses and children, so while there are hefty expenses associated with flying the corporate jets around, a distracted, ineffective CEO is far more costly.

[Source: autonews - Sub Req'd]

Alan Mulally making friends fast, receives a raise originally appeared on Autoblog on Thu, 01 Mar 2007 10:08:00 EST. Please see our terms for use of feeds.

Read | Permalink | Email this | Comments]]>bonusceocompensationcorporateFordincreasejetmulallypayperksraisestock optionsStockOptionsThu, 01 Mar 2007 10:08:00 EST<![CDATA[Mark Fields under fire for expensive flights home]]>http://www.autoblog.com/2006/11/15/mark-fields-under-fire-for-expensive-flights-home/http://www.autoblog.com/2006/11/15/mark-fields-under-fire-for-expensive-flights-home/http://www.autoblog.com/2006/11/15/mark-fields-under-fire-for-expensive-flights-home/#commentsFiled under: ,

Steve Wilson, a reporter for WXYZ Channel 7 in Detroit, has taken the President of the Americas for Ford Motor Company, Mark Fields, to task for the weekly flights the executive takes from Detroit to his home in Delray Beach, Florida. Fields uses a company jet for the flights, which itself isn't the issue since the trips are approved by his employment contract. Wilson, however, estimates that each weekly trip costs between $50,000 and $70,000, essentially an entire year's salary for many who work at Ford. Those high figures include the cost of flying one passenger with a crew of three, and either putting the crew up in a luxury hotel for the weekend or having the jet return to Detroit and fly back to fetch Fields before Monday.

Fields has been quoted as saying, "We are making sacrifices at every level." The person who hired Fields, ex-CEO Bill Ford Jr., surely made sacrifices. The great-grandson of Henry Ford announced he would forego any and all compensation back in May of 2005 until his family's company begins turning a profit again. Of course, Mark Fields is not a member of the Ford family and no expects him to forego a salary, which last year reportedly amounted to $3 million including a $1 million bonus. Wilson, however, clearly sees the hypocrisy of an executive asking his workforce to sacrifice their wages, health care and even their jobs while he drains the company of funds he could cleary afford to cover himself.

The weekly trips home on the company jet are seen by Ford as an incentive to attract and retain talent the automaker sorely needs to turn its fortunes around. Hopefully Mark Fields is the man for that job, and if he succeeds we won't say a word every time he boards the Blue Oval jet. But at this moment when Ford is struggling to remain solvent, even if the overall impact is minimal, the gesture of foregoing some of those expensive perks goes a long way.

Thanks to Joe for the tip!

[Source: WXYZ.com]

Mark Fields under fire for expensive flights home originally appeared on Autoblog on Wed, 15 Nov 2006 15:01:00 EST. Please see our terms for use of feeds.

Read | Permalink | Email this | Comments]]>bill fordBillFordcompensationflightsfordjetmark fieldsMarkFieldspaytripWed, 15 Nov 2006 15:01:00 EST<![CDATA[Ford changes how executives' benefits tied to auto shop bills]]>http://www.autoblog.com/2006/03/22/ford-executives-benefits-tied-to-auto-shop-bills/http://www.autoblog.com/2006/03/22/ford-executives-benefits-tied-to-auto-shop-bills/http://www.autoblog.com/2006/03/22/ford-executives-benefits-tied-to-auto-shop-bills/#commentsFiled under: , , , , ,

Hee's a bit of news that surely had Ford's executive eyeing Consumer Reports rankings on all of the Blue Oval's offerings...

According to Jim Mateja of the Chicago Tribune, the recent 8-K form Dearborn filed with the Securities and Exchange Commission altered one of the factors that determines executive stock bonuses. In years past, that factor: "high time in service improvement," translated to how much repair work costs owners after three years. Or at least it did... now that span has been shortened to just three months of ownership. The net effect is that bonuses will be based on keeping new vehicles out of repair facilities as much as possible. Ford is saying that it is implementing the policy to keep its executives focused on the company's goal of customer satisfaction.

Ford Chairman and CEO Bill Ford Jr., will not be affected by the change, as he's already vowed not to take any form of compensation until the company is profitable again in North America.

[Source: Chicago Tribune]

Ford changes how executives' benefits tied to auto shop bills originally appeared on Autoblog on Wed, 22 Mar 2006 21:00:00 EST. Please see our terms for use of feeds.

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