Despite all of the turmoil in the auto industry these days (Toyota’s recalls, GM’s bankruptcy), one American car company seems to be making money and rewarding its executives for making the magic happen.
As reported by CNN Money, “Ford Motor CEO Alan Mulally received close to $1 million more last year than in 2008, despite a big cut in base pay and no cash bonus, according to a filing from the automaker.”
What’s the reason for the nearly $17.9 million in compensation, then? Ford’s stock, of course, which was trading at less than $8 a share back in October and is now just less than $14 a share. The stock has gained 89.63% during the past six months, and is “up nearly 500% since the end of 2008.” It also doesn’t hurt that Ford’s sales are up 43% compared to this time last year.
So more power to him. Ford was the only American carmaker to avoid a government bailout or bankruptcy. It is also benefiting from the PR gold of not being Toyota. We can imagine that goes a long way these days.
—For the best rates on loans, bank accounts and credit cards, enter your ZIP code at BankingMyWay.com.