Ford CEO Alan Mulally received a pay package worth $26.52 million in 2010, a 48 percent raise from the previous year, according to a Friday filing by the US auto company with the Securities and Exchange Commission. This is in addition to a stock bonus of $56.6 million the chief executive was awarded in March, bringing his total take for the year to more than $83 million.
Executive Chairman Bill Ford Jr. also received a hefty raise to $26.46 million on top of a stock award of $42.2 million, for a total of nearly $69 million.
These obscene sums were revealed only days after the United Auto Workers union announced that it would seek to expand the $14-an-hour wage for new-hires to more auto workers in upcoming contract talks. The aim of the union is to convince auto makers that they can make more money by shifting production to low-wage UAW plants, thereby increasing the UAW executives’ dues income.
The Ford bosses’ display of greed is not an aberration. The heads of major US corporations received their biggest raises in recent memory last year. Median CEO pay (not counting stock awards and other perks) jumped 27 percent to $9 million. The Detroit News reported Saturday that “$25 million is the pay level top companies performing well are paying their chief executives…”
Bill Bard says:
More massive greed from Ford CEO. Hope he chokes on it.