PromisedLand
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It has been widely discussed, both here and in the media, how incompetent Lions GM Matt Millen is, and how unbelievable it is that he still has his job. It is therefore interesting to read that Lions owner Bill Ford, Jr., who also is Executive Chairman of Ford Motor Co., isn't doing any better managing for the car company. Read more here:
http://money.cnn.com/2007/04/05/news/companies/ford_execpay/index.htm?postversion=2007040517
http://money.cnn.com/2007/04/05/news/companies/ford_execpay/index.htm?postversion=2007040517
No wonder both his empires are struggling.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.
...
Executive Chairman Bill Ford Jr., who had held the CEO post until Mulally was hired, had agreed in May 2005 not to receive any pay, bonus or stock grants until the company's core automotive operations returned to profitability.
But the proxy listed Ford's compensation for 2006 as $10.5 million, down 21 percent from $13.3 million listed in 2005. Most of that compensation for 2006 was the estimated value of earlier stock grants and options that vested and were recognized during the year, according to the filing. The great-grandson of the company's founder had started as CEO of the company in 2001.