Ford Motor Co. is so far resisting pressure to cut the salary of its chief executive despite increasing scrutiny of top management at all three Detroit auto makers seeking emergency help from the federal government.
In a statement Wednesday, Ford said that its board of directors' compensation committee regularly reviews pay packages, but the Dearborn, Mich., company didn't indicate any changes for Chief Executive Alan Mulally are imminent.
Chrysler's Robert Nardelli said he would accept a $1-a-year salary, although he isn't paid a salary now under his current employment agreement, people familiar with the matter said. He will be compensated when or if Chrysler's owner Cerberus Capital Management LP make a profit on its acquisition of the auto maker. Because Chrysler is a private company, it doesn't disclose details about Mr. Nardelli's pay package.
"The Compensation Committee of the Board of Directors is always reviewing our executive compensation plans, including Alan's, to ensure they are competitive, in line with business conditions, and aligned with shareholder interests," Ford said in a prepared statement. "As we announced a few weeks ago, Alan and all of our executives and salaried employees globally, will forego a bonus in 2009 for 2008 performance
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5 comments:
$1.00 is a good idea.
All CEOs panhandling for bailouts should take that as part of the deal.
Salary, that's outside of stock options, bonuses etc. Who is fooling who.
Well it's a start but remember going to Obama isn't going to be easy with just one CEO dropping his salary. Obama is a smart man and knows about stock shares and bonues. Look for the companies to do much more with the Ford Family stepping in. Now that bull will work with Bush because he doesn't know anything but it's wont with Obama/Biden.
Panhandling for bailout... More like pimping for a bailout. All of the CEO should work a buck at a corporation. They need to show what they worth. CEOs are employees too not the owner of the company.
Salaries make up a relatively small portion of executive compensation for CEO's at this size of organization. Don't be fooled by a $1 "salary".
I can promise you that Nardelli isn't working for a buck.
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