"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."
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