Amidst recent rumors, Ducati has officially announced that its CEO of North American operations, Michael Lock, will step down at the end of July to pursue other opportunities.
That's a rhetorical question – of course he's worth it. Put another way, imagine if Bill Ford were asked this question a few years ago: "Hey Bill, you can have Alan Mulally not only return Ford to profits that end in "billions," he'll raise the stock price, deal with the UAW, burnish Ford's public perception by avoiding bankruptcy, and start giving U.S. buyers the products they've been begging for. That will only cost you $18 million a year, just $1.4 million of it in cash. Or you and your
Two different outlets are reporting two seemingly conflicting reports about pay at General Motors, but it's clear regardless of the details that money is in motion at The General. Ed Whitacre, Jr., who doesn't receive any pay as GM's chairman, is waiting on approval from the Treasury pay czar for a $9 million "pay package" for his recent move to CEO. The pay has been "approved 'in principle'," but we aren't sure when it's going to be paid.
The president decreed that CEOs running banks that received TARP funds couldn't be paid more than $500,000 each year. Chrysler isn't a bank, yet it has received TARP funds, and its CEO, Bob Nardelli, is well under the $500,000. Or at least, he might be. During recent Congressional hearings Nardelli was asked if he'd take a pay cut to $1 a year, and he said he would; the only thing is, he was already making $1 a year.
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.