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U.S. markets recover from steep losses
DEARBORN, Mich., March 22 (UPI) -- Top executives at Ford Motor Co. earned hefty compensation packages in 2009, despite announced pay cuts, a company filing said.
Chief Executive Officer Alan Mulally was awarded $17.9 million in 2009, about $900,000 more than 2008, despite taking a 30 percent cut in his base salary, which dropped from $2 million to $1.4 million, The Detroit News reported Monday.
His total pay includes stock options -- worth about $5.05 million -- and $10 million in stock awards.
Ford's Executive Chairman Bill Ford Jr. has said he would skip any compensation until the company is back in the black. Ford, however, will be paid $16.8 million in stock options and grants for 2009, when "the board determines we've achieved automotive profitability for a full year," Ford spokesman Mark Truby said.
Ford posted a profit of $2.7 billion last year, a large portion of which was due to one-time changes in accounting, the Detroit Free Press reported.
The big paychecks continue to rattle union workers, the Detroit Free Press reported.
"I don't want to sound ungrateful, but the average worker got $450 gross," in bonus pay for 2009, said Nick Kottalis, president and chairman of UAW Local 600's Dearborn Truck unit.
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