Wednesday, February 25th, 2009...11:39 am
Ford execs take 30% pay cut
Ford has been one of the most active of the Detroit 3 carmakers when it comes to cutting executive pay and white collar jobs, and today the Blue Oval announced its latest measure for weathering the economic storm and turning around its slumping performance. Hourly workers at Ford will get yet another round of buyout and early retirement offers, while the company’s top two executives will take a 30% pay cut.
Ford CEO Alan Mulally and executive chairman Bill Ford Jr. will see the salary reductions this year and next, according to a memo obtained by The Associated Press.
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