Let’s talk about Mulally while he’s on his way to D.C. in his Ford Escape Hybrid. Following Chrysler LLC Bob Nardelli’s move, the FoMoCo CEO has agreed to cut his annual salary to $1 to win congressional support for federal aid to automakers. The move comes after Congress criticized the high pay packages for auto CEOs in a hearing for aid two weeks ago.
According to Automotive News, when asked then whether he would work for $1, Mulally said: “I think I’m OK where I am.”
We still have yet to hear from GM’s CEO Rick Wagoner but we believe he will also be forced to make the move since his counterparts at Ford and Chrysler already have.