Alan Mulally and Bill Ford
Ford Executive Chairman William Ford Jr. and Chief Executive Alan Mulally released a memo stating that they were voluntarily accepting a 30% reduction in their salaries over the next 2 years. Ford’s board of directors will also forgo the cash portion of it’s members’ compensation this year. Performance bonuses for salaried employees and senior executives for 2009 will be eliminated, on top of the bonuses that were removed for 2008. The news comes one day after Ford reached a tenative agreement on new concessions from its hourly workers. It’s nice to see the upper management making cuts too, not just cutting jobs and the pay of the people below them, hopefully it works out for all parties involved. For the full story, head on over to the Wall Street Journal.
Tags: Alan Mulally, Ford, Ford Motor Company, William Ford Jr.
2 Responses to “Ford Motor Co. leaders take pay cut”
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February 25th, 2009 at 2:32 pm
Wohoo! The first comment on this blog!
Anyway, I was just going to say that I do not see Alan Mullaly and Bill Ford Jr. wearing safety glasses inside the plant…
February 25th, 2009 at 2:47 pm
They better not be standing on the line! That’s a big No-No! It doesn’t look to me like they have watch, ring or belt protectors on either!