Thursday, April 05, 2007

Nice Work

Why is this man smiling? I think I can guess.
NEW YORK ( -- Struggling Ford Motor Co., which posted a record $12.7 billion net loss in 2006, gave its new CEO Alan Mulally $28 million for four months on the job, according to the company's proxy statement filed with the Securities and Exchange Commission Thursday.

The Ford (Charts) pay package for Mulally comes on top of the $7.4 million that aerospace company Boeing (Charts) had previously reported paying him for his eight months running that company's commercial aircraft unit before he made the move to Ford at the beginning of September.
Maybe he's worth every penny to Ford shareholders. I just don't know. He certainly is facing a big challenge, in trying to turn around one of the world's largest moneylosers automakers. But compensation like that sure makes it easier to have a big smile on your face for the company portrait.

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