Alan Mulally, the boss of Ford, has told reporters that he’ll accept a $1 salary next year if it helps the Blue Oval secure bailout money from the US Senate.
Chrysler’s Bob Nardelli made a similar promise in a meeting with the US Congress last week, but the bosses of Ford and GM were slow to follow his lead.
The Ford boss also responded to recent criticism that he and executives from Chrysler and GM flew to the crisis talks in Washington on their private jets.
Mulally said he would drive to Washington for his next meeting with Congress this week.
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Re: Mullally: 'I'll accept $1 salary'
actually these guys should have learnt the lesson much earlier. it might not have taken the situation to be that bad. i just tinkered with my lifted chevy recently a bit to get it look beautiful.
Re: Mullally: 'I'll accept $1 salary'
pdmc, as much as I agree with your general ideas, the reason Detroit cannot bring in Euro models to supply the US market is that they are contracted to keep UAW workers on production lines. Stop those guys from building and bring in cars from Germany, etc., and they'd essentially be paying twice for the cars you can only sell once.
The only hope for breaking that cycle is Chapter 11, which would cancel all contracts with the UAW, AC Delco and the other bloodsuckers that are hastening the death of GM, Ford, Chrysler. While this would be a lousy situation for US auto-related workers, who in my opinion, do not deserve to be out of a job due to union tactics and gross OEM mismanagement, it's the only way that the Detroit carmakers will get a fresh start.
From a cynical persepctive, should the US Congress choose to bail out the carmakers, they will, in practise, simply be servicing the debt that GM and the others have incurred by inking horrendous deals with their unions, which at the time (and the company awash with money) didn't seem so bad at all.
Re: Mullally: 'I'll accept $1 salary'
It would be better if Mullally came up with a bulletproof business plan than offering his annual salary - at the prsent rate of loss, his few million in the pot would keep Ford going for about 3 minutes.