The auto industry as a whole might be struggling, but business is booming for automotive executives. Ford reported a net loss of $2.7 billion in 2007 — with sales continuing to sag in the first part of 2008 — but that hasn’t stopped the Michigan-based automaker from handing out large sums of money to its top executives.
According to Automotive News, Ford paid its CEO, Alan Mulally, $21.7 million in 2007. That total includes Mulally’s base salary of $2 million, $7 million worth of bonuses with the remainder being made up of stock options and other compensations — such as vehicle and travel expenses.
Ford CFO Don Leclair was the second highest earner at Ford in 2007, taking home a cool $11.7 million. Like Mulally, that total includes a base salary — $1 million — bonuses — $3 million — and a mix of other payments and incentives.
Despite Ford selling off two of its remaining three Premier Auto Group brands, PAG head Lewis Booth — who also runs Ford Europe — received $10.3 million from the U.S.’ second largest automaker.
Ford Motor Credit CEO Mike Bannister and Americas President Mark Fields rounded out the top five earners at Ford in 2007, taking home $8.7 and $8.4 million, respectively.
