Ford boss to work for $1 a year
Ford's Alan Mulally has agreed to work for $1 a year, as Lee Iacocca did at Chrysler almost 30 years ago, if the government bails the company out.
Obviously he got the memo.
About Jay Hancock
Jay Hancock has been a financial columnist for The Baltimore Sun since 2001. He has also been The Baltimore Sun's diplomatic correspondent in Washington and its chief economics writer. Before moving to Baltimore in 1994 he worked for The Virginian-Pilot of Norfolk and The Daily Press of Newport News.His columns appear Wednesdays and Fridays.
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Comments
Ford boss will work for a $1, but his end of the year bonus will be worth about $20 Million.
Posted by: Steven | December 2, 2008 3:44 PM
Two weeks ago I listened to the American Auto Manufacturers when they went before Congress. They were each asked specifically "If the government assists your company will you be willing to work for $1 per year until it is stabilized". The only yes (and without hesitation) came from Alan Mulally. The others said no or hedged around the bush with BS as fertilizer. When I buy my next car it would have to be a Ford.
Posted by: NJ Sharpless | December 2, 2008 4:08 PM
Mulally probably wishes he had stayed at Boeing.
He did get some comp for what he lost by leaving Boeing, but that is a wash (he would have gotten Boeing comp for sitting still).
Anyway, the auto execs' pay is chump change compared to Wall Street. Symbolic more than substance.
Posted by: save_the_rustbelt | December 3, 2008 4:49 PM