UAW blasts Ford's bonuses ($60 million to five senior executives)

[Omaha Steve]

http://www.detnews.com/apps/pbcs.dll/article?AID=/20080405/AUTO01/804050353/1148

Gettelfinger upset with $60 million in higher compensation given to five senior executives.
Bryce G. Hoffman / The Detroit News

United Auto Workers union President Ron Gettelfinger lashed out at Ford Motor Co. Friday, calling the pay packages of its top executives "excessive and unjustified."

"Our members at Ford agreed to substantial sacrifices in 2007 to help Ford survive so the company can rebuild and reinvest in the United States," Gettelfinger said in a statement. "We did not sacrifice so that management could find a way to reward themselves with higher compensation."

The union leader's comments came hours after Ford filed its annual proxy statement with the U.S. Securities and Exchange Commission, revealing that five senior executives received combined compensation of more than $60 million in 2007.

CEO Alan Mulally received $21.7 million last year, including a $2 million base salary, $7 million in bonuses and more than $11 million in stock and stock option awards. That was 24 percent less than he took home in 2006, when he received $28.2 million, including $11 million to offset compensation he forfeited at his previous employer, Boeing Co.

Mulally's bonuses were based on the progress the company has made on its turnaround plan, a plan Executive Chairman Bill Ford Jr. said remains on track, despite the automaker's $2.7 billion loss last year. Ford lost $12.6 billion in 2006.

FULL story at link.