Ford CEO was paid over $21.6m in 2007

Ford Motor Company released its 2007 Annual Report and notice of its 2008 AGM to its 730,000 shareholders on 4th April, together with details of senior executives¡¯ pay.
 
During 2007, notwithstanding losing money in its home US market, Ford told shareholders it had achieved a $10 billion year-over-year improvement in overall financial performance before taxes, positive total automotive operating-related cash flow, significant improvements in vehicle quality, and further cost reductions.
 
Besides information about the Annual Meeting on 8th May, the 2008 proxy issued by Ford to the SEC provides a detailed review of total 2007 compensation provided, granted to or received by five named executives during the year - based on the company's 2007 performance. Details include:
 
Alan Mulally, Ford president and CEO, earned $2,000,000 in salary and received incentive bonus awards of $7 million. Total 2007 compensation was $21,670,674, which includes salary, bonuses, the company-recognized expense for stock options and other stock-based awards, as well as all other compensation.
 
Don Leclair, Ford executive vice president and CFO, earned $1,005,633 in salary and received incentive bonus awards of $3 million. His 2007 compensation totalled $11,703,127.
 
Mark Fields, Ford executive vice president and president, The Americas, earned $1,255,634 in salary and received incentive bonus awards of $2,850,000. His 2007 compensation totalled $8,389,898.
 
Lewis Booth, Ford executive vice president, Ford of Europe and Premier Automotive Group, earned $868,133 in salary and received incentive bonus awards of $2,250,000. His 2007 compensation totalled $10,264,463.
 
Mike Bannister, Ford executive vice president and CEO, Ford Motor Credit Company earned $708,700 in salary and received incentive bonus awards of $2,150,000. His 2007 compensation totalled $8,677,747.
 
Automotive News has reported on reading Ford¡¯s proxy statement that 11 motions have been submitted to the SEC for Ford¡¯s AGM, seven of them by Ford shareholders.
 
One proposes to curb the issue of stock options to senior executives, another proposes to limit compensation to Ford's senior executives to $10,000 a week including fringe benefits until the company has been profitable for five consecutive years, and the fringe benefits are to be limited to those on offer to all employees, according to the motion. This motion cited Ford's $14.3 billion cumulative loss from 2001-06, and the 70% fall in the company's stock price during the same period.
 
Another activist proposed giving all shareholders one vote per share, which would dilute the Ford family shareholders¡¯ influence ¨C they currently have 16 votes per share.
From: auto industry.uk/news

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