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