Ford CEO offers to work for $1 a year

Is he planning to give back the stocks and not exercise the stock options he got back in March? Oh that's right, he can only cash in his options if the company is actually worth something... like in not bankrupt.

The Ford Motor Company said Friday that it had awarded its chief executive, Alan R. Mulally, restricted stock worth $4.1 million and 3.56 million stock options after a year in which the automaker lost $2.7 billion.

New York Times

Certainly nothing heroic about this act.


[edit on 3/12/08 by ConspiracyNut23]

I also found out the GM ceo also said he will work for 1 dollar.

what lies. No one can live with making a dollar as their wages. What are they pulling???


if congress gives them a bail out then I know the intelligence of our congress.

cuz look at the GM highest records sales and profit in china.

here is the article if you want to read about it : news.bbc.co.uk...

and also here: jalopnik.com...


another article about what GM wants to use the bail out money for.

GM to Use Bailout $$ to Create Brazilian Jobs -www.capoliticalnews.com...

www.ihookin.com...



so in conclusion, GM and many other car companies are liers. No one will work for a buck.

that is probably what they want to pay the employees who work at their plants in America.

The big Three makes me

GM has recently had increase the cost of health care for retirees.

I doubt they will work for a buck.

They say this to play there con game with congress to be like oh I really think your taking it serious.

Well here is the money take your time going onto those private jets.


I am very serious... If congress gives them a bail out I will write a letter them to asking for a bail out.

I might even start my company up and be like where is my money????

I gather up the facts about GM and make a case on why they got a bail out and I didn't when GM didn't need the bail out but got free tax payers money. Why can't I have a slice of the pie??

hope this covered why I think that these CEO's continue to lie.

I personally look at is as if they think it's a joke.

it's like me saying HAHAHAHA pay me a buck and I will go after your wallet.

He may work for only a dollar a year, but he still gets a huge bonus.

sell all your assets and invest them in ford, then work for the average salary that the ford employees get and i'll be impressed.

he might work for a $1 a year as a publicity stunt, but hes making millions on stock, bonuses and more.

he would probably rather die then live like a peon employee of his; working 50 hours a week and still wondering how they are going to pay rent.

I have to say I really can't believe people actually get a rise out of a "Ford CO." guy willing to get paid a dollar for one year.

These multi billion dollar company guys don't give a rats ass about working for one year for a dollar. Its all the same to them, they average that in with the 100 million they got paid last year and all of a sudden it don't look so bad.

My point is they never miss a beat , and they have so much net worth already that working for a dollar has to be some bs pr move to appease the growing number of very broke people in the US.

You can bet these "Multi Billion CO. types" are laughing all the way to the banks, one way...or another.

a quick look at the GM proposal has me thinking this is more palatable than the bank bailouts.
i would consider these "loans" to be a complement to any stimulus package. they would help keep people in jobs, and money flowing in the economy.
thats more than can be said for the bailouts of wall street.

Originally posted by nyk537

Ford CEO offers to work for $1 a year

www.msnbc.msn.com

WASHINGTON - Ford Motor Co. CEO Alan Mulally says he'll work for $1 per year if the automaker has to take any government loan money. He also said Tuesday his company will seek money from the government, but may not need it.

Detroit's automakers, making a second bid for $25 billion in funding, are presenting Congress with plans Tuesday to restructure their ailing companies and provide assurances that the funding will help them survive and thrive.

(visit the link for the full news article)

Why of course this CEO would work for a buck a year..he has already sapped and stashed millions if not billions into his own account that will keep him snuggy and warm while burning that 1 dollar per year in the fireplace.


Cheers!!!!

reply to post by nyk537


1. The man probably owns a significant amount of Ford stocks

2. He knows that the bailout will probably pass more easily if he offers up his token salary

3. He may still draw share options, use the private plane etc

Thus its a gamble of necessity. To save his shares in Ford from total collapse, he has to give up his salary (which was under threat anyway).

It makes great sense from a PR and business point of view, and I would have done the same.

He's defo not doing it on the grounds of principle though.


ps: Steve Jobs is also paid $1 a year. The tens of millions he earns come from stock options.

[edit on 3-12-2008 by 44soulslayer]

Does anyone know what else he plans to do besides work for a buck a year? Congress said come back with a detailed plan for what they are going to do with the money. This looks good for a headline, but what does the rest of their plan look like.

Also, what kind of terms will Congress set for these auto companies if they are to get this bailout?

Like I said. This is a good headline, but what is the plan?

the joke is many CEOs have seats on the boards of other companies.

or have retirements from other companies.

so they will be getting money from other sources.

the CEO of ford used to be with Boeing Aircraft

Rick Wagoner at GM also has other sources of income.
Wagoner is a member of the boards of trustees of Duke University, Detroit Country Day School, the Board of Dean's Advisors of the Harvard Business School, and the Board of Directors of Catalyst. He is a member of The Business Council, The Business Roundtable, Detroit Renaissance Executive Committee, and the Secretary of Energy Advisory Board.

abcnews.go.com...

The sad thing is that is what these people should have been doing from the get-go. Does anyone here honestly expect that any presentation they make after will teem with sincerity. Come on!

The fact is, these guys acted like they were entitled to it. By riding their corporate jets there the first time, they thought that a bailout was virtually assured, and that they could continue to be reckless in their ways.

It wasn't that they were just "out of touch" with the working Joe.

From my understanding, Lee also didn't just come up to the government with an outreached hand. It was a last resort and he had already practiced what he preached about restructuring the company beforehand, and the idea was to make his company through the next fiscal year. These guys just want to finish til the end of 2008, they didn't have a plan the first time around, and they haven't seriously tackled the union workers yet. They're not serious about this at all and thus, don't deserve any money.

This is not just about your personal ideology, but a matter of universal principle, of practicing what you preach. These CEOs are the best the Big 3 could do? Wow...

[edit on 3-12-2008 by SpencerJ]

reply to post by Walkswithfish


First off, I am orginally against any form of bailout for any company. Say that though..

From my understanding the bailout(or loan money for the automakers) is already there in a pot. The Feds already robbed us and the moneyso it is there, they just have to decide where to divide it up. Now you say that it should go to the American people. What exactly do you think the American big 3 automakers are. Do you even realize how many these companies employ both directly and indirectly? These companies are America and if they are to fall then this country will fall fast.

Now again, orginally I was dead set agianst any bailout but given that we have no problem bailing out forign banking insitutes. Who wrote bad loans for not only Americans but people all over the globe. Why do I have to bailout not only these banking crooks but people who got in over their head and those who took advantage of the system. These are the last people who should be benefiting from this robbery.

So for the life of me I cannot see why there is an uproar to loan 3 of the biggest american companies a small fraction of what was stolen from us? Small price to pay considering the amount that was stolen from us to keep our American brothers and sisters working?

It's not exactly ground shattering news. Alot of CEOS have an actual salary of one dollar, they get most of their income from Stock dividends and other investments. Plus he'll probably still have a very large bank account with which to live off. Still, nice PR.

reply to post by Venit


You said a mouthful there!

Mulally went to work for Boeing straight out of college in 1969 and worked his way up to president of Boeing Commercial Airplanes, then Chief Executive Officer duties were added in 2001.

Alan Mulally - Wikipedia

Following the forced resignations of Phil Condit and Harry Stonecipher, Mulally was considered one of the leading internal candidates for the CEO position.[6] When Mulally was passed over in both instances, questions were raised about whether he would remain with the company.[7]

For Mulally's performance at Boeing, Aviation Week & Space Technology named him as their person of the year for 2006.

Well I guess they were right to raise the question if he would stay or not because , obviously he left them and went to work for Ford Motor Company.

&keyword=]Ford to Pay New CEO $2M Salary, $18.5M bonus

Ford Motor Co., in the middle of a wrenching restructuring that already has led to plant shutdowns and thousands of job cuts, said Friday that it will pay its new chief executive a $2 million base salary as well as an $18.5 million bonus.

Alan Mulally also will receive 4 million stock options priced at the grant date's current fair-market value of $8.28 along with 600,000 restricted stock units, according to the regulatory filing.

Of the $18.5 million up-front payment, $7.5 million is considered a hiring bonus while $11 million was given to offset performance and stock-option awards Mulally forfeited at Boeing Co.,his former employer.

Mulally also has the option to live in temporary housing in Southeast Michigan for the first two years and is eligble for relocation assistance. He will be required, for security reasons, to use the company aircraft for travel. On personal business trips, he's allowed to bring friends and family at Ford's expense.

What the hell does he care if he doesn't get a salary!

Ask him not to accept his bonuses and watch his reaction! That's were his real income is, along with all the stock options he is given!

25 Highest-Paid Men

20. Alan Mulally
President, CEO
Ford Motor (F)

2006 Total compensation: $40.5 million*
*Includes annualized base salary. Annual bonus includes a one-time signing bonus of $7,500,000 to $11,000,000 as an offset for forfeited performance and stock option awards at his former employer.

His actual salary was less than $1 million in 2006 and $2 million in 2007.

Alan Mulally

Year **** Base salary
2004 **** USD 819,692
2005 **** USD 825,000
2006 **** USD 666,667
2006 **** USD 781,214
2007 **** USD 2,000,000

This guy could care less if he doesn't get his salary, but don't touch his bonuses and stock options those, that's where he makes his money!

It's nothing but a PR stunt!

[edit on 12/3/2008 by Keyhole]

Yup just a PR stunt and nothing more, just amazing people seem to fall for it. If the guy really wanted to do something he should pay back like 90% of the tens of millions he made from salary and stock options the last few years.

I work at John Holt Cheverolet in Yukon, Oklahoma as a Mechanic, I think about this issue with Chevy every day. Saturn is shutting there doors and Toyota is soon to follow, Chevy and Chryslers CEO's both said they didnt want a pay cut they are comfortable with there pay. This guy is smart enough to work the system. He deserves a pat on the back an "at-a-boy" if you will. Hopefully we wont need any more bailouts!