facebook
twitter
search
search

Mulally's pay up 48 percent at Ford

April 2, 2011 at 6:06 PM
| License Photo

DEARBORN, Mich., April 2 (UPI) -- U.S. automaker Ford Motor Co. can "forget about" asking for concessions from union workers in contract talks this year, a professor of labor relations said.

"If Ford expects the United Auto Workers to make more concessions, they can forget about it. The size of executive compensation is the final symbol that a company has turned around, so they can't plead for major cost-cutting," said Gary Chaison, professor of industrial relations at Clark University in Worcester, Mass.

Ford this week filed a proxy statement on executive salaries that put Chief Executive Officer Alan Mulally's salary at $26.52 million for 2010, an increase of 48 percent from 2009, The Detroit News reported Saturday.

The pay comes on top of $56.5 million in stock the company handed Mulally in February that covered several years of earnings, the newspaper said.

Executive Chairman Bill Ford Jr. was given $26.46 million in pay and a month ago was awarded $42.4 million in company stock.

Mulally took over Ford in 2006, and over the next three years it lost about $10 billion per year. But the company earned $9.28 billion in 2009 and 2010, including $6.6 billion last year.

UAW President Bob King in March called executive pay at Ford "outrageous."

Like Us on Facebook for more stories from UPI.com  
Topics: Alan Mulally
Latest Headlines
Top Stories
Compact cannon for British armored vehicles
Hess completes Bakken joint venture
Brazil orders search-and-rescue aircraft
Whole Foods apologizes for overcharging customers
BP settles with U.S. coastal states for $18.7 billion