Ford CEO's $1 salary

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95b16coupe

Well-Known Member
Taking a page from Lee Iacocca, Ford CEO will make a $1 salary. I bet he has about 100million in ford stocks that aren't worth shit though. if he can gain value in the stock, it will be more than any salary could provide.

Ford says CEO will work for $1 to get loans - Yahoo! News

DETROIT – Ford Motor Co. will tell Congress that it plans to return to a pretax profit or break even in 2011 when the Detroit Three automakers' CEOs appear before lawmakers this week to request $25 billion in government loans.
Ford CEO Alan Mulally said he'll work for $1 per year if the company has to take any government loan money.
After grilling the CEOs at hearings last month, Congressional leaders demanded plans from the automakers by Tuesday to show that they will survive if they get federal funds. The plan Ford submitted said the company will cancel all management employees' 2009 bonuses and will not pay any merit increases for its North American salaried employees next year.
The company also said it will sell its five corporate aircraft. The CEOs of all three Detroit automakers were harshly criticized during last month's hearings for flying to Washington in separate corporate jets.
Mulally said in an interview with The Associated Press on Tuesday that Ford will give much more detail to Congress than it did previously, and the company will emphasize the steps it has taken to cut its labor costs with the United Auto Workers union.
Mulally said Ford will seek $9 billion as its share of the loan money but may not need to use it. The Dearborn-based company has said it has enough cash to make it through next year without assistance.
As part of the plan submitted to Congress, Ford said it does not anticipate a liquidity crisis in 2009, "barring a bankruptcy by one of its domestic competitors or a more severe economic downturn that would further cripple automotive sales." The loan would provide a safeguard against worsening conditions, the company said.
The company said it will accelerate plans to roll out electric vehicles as part of its plan.
"We are going to do that across our product line," Mulally said in the interview.
The first plug-in vehicle will be a Transit Connect small van for commercial use in 2010 and a car the size of the Ford Focus compact the following year.
Ford also said it will accelerate plans for hybrid gas-electric vehicles.
Mulally said he will encourage automakers and parts suppliers to join forces to develop new battery technologies in the U.S. for future electric cars so the country doesn't rely on foreign batteries.
"We don't want to trade oil for batteries," he said.
Ford's plan calls for an investment of up to $14 billion to improve fuel efficiency over the next seven years. The company said would improve the overall efficiency of its fleet by an average of 14 percent in 2009.
The CEOs of the Detroit Three are scheduled to appear before congressional committees Thursday and Friday. Chrysler LLC and General Motors Corp. have said they are perilously low on cash and need the government loans to survive the recession and the worst auto sales environment in 25 years.
GM and Chrysler were to submit their plans to Congress later in the day. At an appearance in Baltimore on Tuesday morning, Chrysler President and Vice Chairman Jim Press didn't give details of the business plan that Chrysler will present, but said it will tackle product mix, vehicle pricing and quality and fiscal responsibility.
Press said all players, including banks and labor, have agreed to "all the concessions that are necessary."

The CEOs were skewered on their first visit in November, when lawmakers criticized them for high labor costs and products that aren't competitive with foreign automakers.
"I think we learned a lot from that experience," Mulally said in the interview, adding that the CEOs were there last time to discuss the progress of the industry, not a plan for viability.
Ford's new plan is 32 pages long, plus an appendix, and it includes much detail that was lacking during the first visit.
The company says its plan to achieve profitability or break even by 2011 is based on industrywide sales estimates of 12.5 million units in 2009, 14.5 million in 2010 and 15.5 million in 2011. The seasonally adjusted annual sales rate dropped to 10.6 million vehicles in October.
Ford shares rose 25 cents, or 9.8 percent, to $2.80 in midday trading.
Ford's plan said it will reduce its number of dealers by 606 to 3,790 by the end of the year. It will also trim the number of major sourcing suppliers it uses to 750 from 1,600. Ford reiterated its intention to offload Volvo, by either selling the Swedish automaker or spinning it off into a separate company. Since 2007, Ford has sold its Jaguar, Aston Martin and Land Rover lines. It also sold most of its stake in Mazda.
 
$1 a year isnt so bad when the past 25 years you were making millions...and you also have millions in a bank account gaining interest
 
$1.00 a year is a good idea if they put in the fine writing, NO bonus!

The plan Ford submitted said the company will cancel all management employees' 2009 bonuses and will not pay any merit increases for its North American salaried employees next year

this is where stock options come to play.
 
Mulally said Ford will seek $9 billion as its share of the loan money but may not need to use it. The Dearborn-based company has said it has enough cash to make it through next year without assistance

sounds like they are looking for a line of credit rather then a loan.
 
So my question is, will he receive his $1 up front, or will he get a paycheck for 4 cents every two weeks?
 
They want to cut millions to borrow billions. Love it.
 
PR move. Nothing more, nothing less. You don't work for free unless you don't have to work in the first place.
 
So my question is, will he receive his $1 up front, or will he get a paycheck for 4 cents every two weeks?

lol. maybe they'll mail the checks.
$1, can do $0.01 in legal documents. more money wasting. those ceo's.
germany gave $55 mil more to VW group about a year ago.
Lower Saxony buys VW shares to keep 20 pct stake | Reuters
i dunno, maybe its wrong of me to say what other govts do for their car companies, since our govt was and should be going in a different direction. but could we just have some good govt policy that would be better for all US companies in general.
 
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his $1 salary fucks the gov't.

technically, he will be WELL below poverty this year.

yet, he'll still have $23432432432 in write off's.


the fed gov't will end up paying him to make $1.
 
Im really not that impressed with their "$1" a year salary. The CEO's at Google did it a few years back. It looks great as a headline but in the end means zero.
 
this is great.......kinda like ole dirty bastard going to the welfare office in a limo after selling tons of his new album i love how these people get away with this
 
I agree that this is just a publicity stunt, but at least Ford seems to be willing to do whatever it takes to survive. Of the big three, they're currently doing the best financially, and as of right now, they're not actually asking for any money, they're just asking for a credit line if it becomes necessary. This is in opposition to Chrysler, which is practically in shambles, and GM, who pretty much said "yeah, we don't have a plan to get out of this, give us the damn money or we're gonna shut down." An attitude like that does absolutely nothing to actually address the problem. They'll get the money, limp along for a few months, and then be right back to rock bottom again...
 
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