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Ford Ups Mullaly's Bonus

The Ford Motor Co. said Allan Mullaly,million stock option grant is $1 million
the company's new CEO, will be gettingmore than the baseline bonus promised by
an additional $1M bonus. The board ofthe board when he was hired last fall.
directors of the company has approved aThe bonus comes in the form of stock
$6 million stock option bonus, $1options and is payable over the next
million more than what was previouslythree years.
promised for Mullaly.Ford is now preparing to enter
Ford said Mullaly's bonus was based onnegotiations with United Auto Workers
his performance during the first several(UAW) and is anticipated to ask union
months of working in the company. Forworkers to accept sacrifices to help the
2007, his total compensation packagecompany rebound. UAW President Ron
could add up to $16.5 million.Gettelfinger has been highly critical of
According to documents filed withexecutive bonuses proposed by bankrupt
Securities and Exchange Commission,Delphi Corp. according to analyst
Ford's board also approved cash paymentsBradley Rubin of BNP Paribas, Wall
to other senior executives to compensateStreet is unlikely to care much either
them for a bonus program the company isway. "What's a million? Plus or minus a
scrapping in favor of a new compensationmillion dollars is not going to
plan.determine whether Ford succeeds or
The news about Ford's payouts came asfails," Rubin said. "You've got to pay
thousands of salaried workers who signedthe guy for the risks he's taking."
up for buyouts or early retirementRubin added that Mulally quit his job as
packages bid farewells to their friendsthe CEO of Boeing Co., a commercial
and workmates. The announcement was alsoaircraft division, to come and rescue
close to the reporting of the 2007 $12.7the ailing Ford. The transfer was made
billion loss report of the automaker.at a time when the company has archrival
"(It was a) sad day today, lots ofAirbus SAS against the ropes.
people I knew left," one worker said.Ford's board also changed the
"Many of the engineering offices lookperformance-based bonus plan for its
like Swiss cheese with all of the emptysenior executives. This is to reflect
cubicles that have opened up."the "one plan, one team" approach
Ford spokeswoman Becky Sanchfavored by the new CEO. The plan will
acknowledged the timing was less thanbase executive bonuses on the same
ideal. "There's no ideal time tometrics as other salaried workers.
separate for our employees. Today'sNevertheless, since the current plan was
announcements were driven by SECalready part of executive contracts, the
disclosure requirements," Sanch said.company agreed to buy them out with a
"Regarding the overall pay, the companyone-time cash payment.
has always said it is committed toThe company did not disclose the actual
providing employees with competitive payamount involved in the buy out
and long-term incentives," she furthertransaction. Their new bonuses for the
notes. The announcements were criticalsenior executives, which can total eight
and demanded from the company. No amounttimes their base salary depending on how
of force and efficiency from EBC Activeclose they come to meeting the new
Brakes Direct could prevent thegoals, will be deducted by the amount of
revelation. Timing is no moment becausethat payment.
it is not one of the opportunitiesFord said the new bonus plan will be
afforded the company.more consistent and allow each
Mulally's bonus is part of awhite-collar worker to be judged by the
compensation package potentially worthsame standard. The new bonuses will be
more than $35 million for 2006 and thispaid in equal shares of stock options
includes one-time hiring bonuses. The $6and restricted stock units.



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