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U.S. markets recover from steep losses
DEARBORN, Mich., March 8 (UPI) -- U.S. automaker Ford Motor Co. revealed that it had paid its top two executives nearly $100 million in 2010.
In a filing with the Securities and Exchange Commission, Ford said it would pay Chief Executive Officer Alan Mulally $56 million in stock and Chairman Bill Ford Jr. $42.4 million in stock, The Detroit News reported Tuesday.
After accounting for $23 million in taxes withheld by the company, Mulally's net take was $33 million. Chairman Ford's take home pay was $25 million after taxes, the newspaper said.
The company, which earned $6.6 billion last year also paid executive vice president and Chief Financial Officer Lewis Booth about $3.2 million, general counsel and group vice president Dave Leitch $2.9 million and Joe Hinrichs, Ford group vice president and president Asia Pacific and Africa, $1.8 million before taxes.
"They have presided over a remarkable turnaround at Ford and when you think what people on Wall Street make -- these guys actually run companies that make things," said David Cole, chairman emeritus of the Center for Automotive Research.
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