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Ford Motor Co., said Mullaly, the new company CEO Allan, will be an additional bonus of $ 1 million. The Board of Directors approved a bonus of 6 million U.S. dollars of stock options, $ 1 million more than previously promised Mullaly.
Ford said his company Mullaly bonus was based on performance during the first months of work. For 2007, his total compensation could add up to 16.5 million dollars.
AfterDocuments filed with the board and Exchange Commission Securities, Ford has also approved cash payments to compensate executives think a further bonus compensation program for the new company is breaking in.
The news of Ford's payments came as thousands of workers who have signed up for buyout or early retirement farewell to their friends and colleagues. The announcement was made to cover 12.7 billion U.S. dollars in 2007 ended loss messagethe car manufacturer. "(It 'was a) sad day today, many people I knew left," said one worker. "Many of the engineers opened resemble Swiss cheese with all the compartments were empty."
Ford spokeswoman Becky Sancho, acknowledged the timing was far from ideal. "There's no time to separate ideal for our employees. Today's announcement of SEC disclosure requirements have been displaced," said Sancho. "As regards the total remuneration, the company has always said it is committedEmployees salaries competitive and long-term incentives, "she notes further. The announcement was critical and required by society. No amount of strength and efficiency of EBC Active Brakes Direct could not divulged. Time is not a moment because it belongs to the opportunities of society.
Mulally The bonus is part of a compensation package is potentially worth more than 35 million U.S. dollars in 2006 and includes a unique bonus. The $ 6 million U.S.GRANT OPTION is $ 1 million more than the base card bonus promised when he was hired by last fall. The bonus will be in the form of stock options and is payable within the next three years.
Ford has begun negotiations with the United Auto Workers (UAW) in force and is expected to ask the union to accept sacrifices to help the recovery of the company. UAW President Ron Gettelfinger has been very critical of executive bonuses proposed by the bankrupt Delphi Corp.after analyst Bradley Rubin of BNP Paribas, it is likely that Wall Street does not really matter. "What is a million? More or less one million U.S. dollars is not whether Ford succeeds or fails," said Rubin. "You're the guy for the risks it takes to pay."
Rubin added that Mulally has left his job as CEO of Boeing Co., a commercial aircraft division to come and rescue of the ailing Ford The transfer took place at a time when rival Airbus SAS, the company has set itself againstthe strings.
Ford's Board also changed the level of performance bonuses for its executives. This is reflected in the "plan", a team approach favored by the new CEO. The executive bonus plan will be based on the same metrics as other workers. However, since the current plan is already implementing the agreements the company had agreed to buy them a one-time cash payment.
The company involved has no information on the actual amount of buy-outsTransaction. Your new bonuses for executives, for a total of eight times the basic salary, depending on how close you can come to meet the new targets will be deducted from the amount of such payment.
Ford said the new bonus plan will be consistent and to allow all employees to be judged by the same standards. The new bonuses are paid in equal parts of stock options and restricted stock units.
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