Struggling Ford Motor Co., which posted a record $12.7 billion net loss in 2006, gave its new CEO Alan Mulally $28 million for four months on the job, according to the company's proxy statement filed with the Securities and Exchange Commission Thursday. The Ford pay package for Mulally comes on top of the $7.4 million that aerospace company Boeing had previously reported paying him for his eight months running that company's commercial aircraft unit before he made the move to Ford at the beginning of September. The details of the compensation packages and costs come as Ford moves ahead with plans to close plants and cut more than 30,000 hourly positions from the company in an effort to stem losses.
See "Ford CEO: $28M for 4 months work", CNN Money, CNN Money, April 4, 2007