While Bill Ford is still forgoing any compensation until the company’s automotive sector reaches sustainable profit, CEO Alan Mulally has just received $4.1 million worth of stock and 3.56 million in stock option after a year in which FoMoCo lost $2.7 billion.
The compensation comes just two days after Mulally announced that all Ford employees in the U.S. and Canada would be paid bonuses for 2007.
Mulally’s counterpart at GM was approved for a 33 percent base salary hike last week. GM said that it would give Rick Wagoner a bonus for $2.43 million if the automaker hits its performance targets.
The issue of executive compensation has become a hot-issue because of the UAW.
Mulally was paid $37.5 million during his first 14 months with FoMoCo and had the potential to earn a bonus of an additional $3.1 million.
Source: Automotive News (Subscription Required)
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