We have all heard the phrase about the fox in the hen house. It now appears the not only does Ford Motor Company have five foxes in the hen house, but they had the audacity to fly to Washington DC and stand with their had in their hands asking for a hand-out, I mean bail-out.CEO, Alan Mulally, when asked if he would drop to one million dollars a year in salary to help the situation, replied that "I understand the point of the symbol, I think I am okay where I am." He may understand the point of the symbol, but what he doesn't understand is how his remarks smack of the selfish, narcissistic attitude that had contributed to the economic chaos we now enjoy.
If he was humble enough to receive only a million dollars a year in salary, Ford would be able to keep over 400 employees. If you look at the other four top executives at Ford, the facts become overwhelming.
Top executive salaries of Ford Motor Company:
Alan Mulally, Ford President and CEO - Salary$21,670,674
Don Leclair, Ford Executive Vice President - $11,703,127
Mark Fields, Ford Executive Vice President, The Americas - $8,389,898
Lewis Booth, Executive Vice President, Ford of Europe and Premier Automotive Group - $10,264,463
Mike Bannister, Ford Executive Vice President and CEO, Ford Motor Credit Company- $8,677,747
Total Salaries of top Five Executives - $60,705,909
If the top Five Executives each took only $1,000,000/yr, it would free up $55,705,909 each year! This would keep 700 employees at $80,000 fully employed.
The other US auto makers are in the same boat.
General Motors, top five executives - $38,954,972
Chrysler's executive salaries could not be found but the CEO did receive a $210 million golden boot from Home Depot in 2000.
The auto industry doesn't need a bail-out, it needs a reallocation of funds, (as well as a lesson from Toyota on how to build a reliable car). It is time for the top executives to "spread the wealth around". As a matter of fact, it wouldn't hurt it if that attitude spread throughout the NEC, (Narcissistic Executive Club).
