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Mullaly takes pay cut
26 February 2009
Ford boss Alan Mulally is to take a 30 per cent pay cut as part of the firm's package of white-collar salary reductions.
Mulally and other top-level executives will have their pay packets slashed in order to make pay cuts for hourly workers more palatable.
Ford board members and salaried staff will also not receive performance bonuses for 2009, which means that Mulally’s earnings – last known to be $21.6m (£15m ) in 2007 – will be reduced considerably.
Chairman Bill Ford will also take a 30 per cent cut, although he has not received any money since 2005, and will not withdraw a salary until the company returns to profitability.
George Barrow
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