UPDATED: 4/4/08 3:34 pm EDTUAW President Ron Gettelfinger is blasting the pay awarded to top Ford Motor Co. executives in 2007 as “excessive and unjustified.”
Ford announced today that CEO Alan Mulally received a compensation package worth $21.7 million in 2007. The compensation for Ford’s top five executives totaled more than $60 million.
“Our members at Ford agreed to substantial sacrifices in 2007 to help Ford survive, so the company can rebuild and reinvest in the United States,” Gettelfinger said in a statement released Friday afternoon. “We did not sacrifice so that management could find a way to reward themselves with higher compensation.”
Gettelfinger added that the UAW called on automakers to use the savings achieved in the new contracts negotiated last year to reinvest in America and lower costs to consumers. “We’re extremely disappointed that Ford has apparently chosen to go in a very different direction,” Gettelfinger said.
Terms of Ford's compensation packages were:
Mulally was paid a base salary of $2 million and incentive bonus awards of $7 million. The $21.7 million total included salary, bonuses, company-recognized expense for stock options and other stock awards, plus other compensation such as vehicle and travel expenses.
Mulally collected $28.2 million in 2006, which included $11 million to compensate him for compensation forfeited when he left his previous employer, Boeing Co.
CFO Don Leclair was Ford’s second-highest paid executive, earning $11.7 million in total compensation. That included just over $1 million in salary and $3 million in incentive bonus awards. He was awarded options valued at $4.2 million. His total compensation in 2006 was $4.4 million.
Ford of Europe and Premier Automotive Group head Lewis Booth was paid a total of $10.3 million. That included salary of $868,133 and incentive bonus awards of $2.3 million.
Ford Motor Credit CEO Mike Bannister was paid a total of $8.7 million. That included $708,700 in salary and $2.2 million in incentive bonus awards.
Americas President Mark Fields was paid a total of $8.4 million. That included $1.3 million in salary and $2.9 million in incentive bonus awards.
Ford scheduled its annual shareholders meeting May 8 in Wilmington, Del.
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