Ford chief earned $13.6 mn despite record losses

March 25th, 2009 - 5:37 am ICT by IANS  

New York, March 25 (DPA) Despite record losses, the chief of Ford Motors, Alan Mulally, earned $13.6 million in 2008.
The money included $2 million in regular salary plus long-term stock options, the country’s second largest car producer said Tuesday in a statement.

Mulally did not receive a bonus for 2008, in contrast to 2007. For the current and next years, he has agreed to a 30-percent salary reduction.

Ford reported record losses of $15 billion for 2008 - but still has enough cash reserves to survive.

Unlike its rivals, the biggest producer General Motors and Chrysler, Ford has not gone begging to Washington for federal funds to stay afloat.

GM and Chrysler have received a lifeline of more than $13 billion. The companies have to be on a viable path to profits by March 31 or the government will demand the money back, which could force bankruptcy on either of the car producers.

Tags: , , , , , , , , , , , , , , , , , , ,

Posted in Business |

Subscribe