Ford CEO rolls in it

6 April, 2007 at 11:19 am | Posted in Companies | Leave a comment

Struggling Ford Motor Company awarded multimillion dollar bonuses to its executives last year despite the fact that it posted a record loss of 12.7 billion dollars, according to a document filed Thursday with securities regulators.
The automaker said in March it would be awarding “modest” bonuses to all company employees in order to recognize their work in reducing costs and “courageously” restructuring the company as it shutters plants and lays off 40 000 workers.

The bonuses amounted to an average of 500 dollars each for factory workers.

Chief executive Alan Mulally, who took over from Bill Ford on September 1, received a total compensation package of 28.2 million dollars which included a salary of 666,667 dollars for his four months of work at Ford.

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