December 02, 2008

Ford CEO comes down with a sudden case of egalitarianism


Ford's $2m-a-year chief executive, Alan Mulally, today vowed to work for an annual salary of just one dollar if the struggling US car maker has to take government money as part of a $25bn (£16.76bn) bail-out of the US car industry.

In a further move to woo congressional support Mulally has vowed to sell Ford's fleet of corporate jets, cancel next year's bonuses for global management and US employees as well as closing more plants, trimming its dealer network and stepping up its work on electric vehicles.

And the NYT:

The three men also had been criticized for flying corporate jets to Washington to ask for financial assistance. This week, Mr. Mulally plans to drive a Ford Escape hybrid sport utility vehicle to Washington to testify a second time before Congress, and Ford said in its submission that it planned to sell all five of its corporate jets.

The company said that it would speed up its plans for electric vehicles, starting to introduce them in 2010. Ford will also invest up to $14 billion to improve fuel efficiency over the next seven years.

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