As part of a memo sent out Friday, Ford Motor Company chairman William Ford Junior and Ford CEO Alan Mulally both announced they will be taking a 30 percent cut in their salaries over the next two years. Ford's own board of directors will also receive pay cuts for two years. Performance bonuses for senior executives and salaried workers have also been cut. The company issued a statement regarding the recent reductions, "We know these are challenging times and we all are affected by the tough actions we are taking... However, these are necessary actions to help us emerge as an even stronger, profitably growing Ford Motor Company for the benefit of us all". I am personally surprised these actions didn't occur sooner, at least 6 months ago, due to our obvious failing market condition over the past year.
No comments:
Post a Comment