APRIL 10, 2002
Getting fired - a profitable business
THE Ford Motor Company dumped its chief executive Jac Nasser in October last year but it has now emerged that the move cost the company $17.8m in salary and compensation. Nasser will also receive an additional chunk of shares early in 2003 which is will be worth more than $5m.
The pay-off has been revealed in documents which have been lodged with the US Securities and Exchange Commission.
The new chief executive William Clay Ford Jr. is not taking a salary - he is taking shares instead.
Since the demise of Nasser the Ford Motor Company has instigated some vicious cutbacks, although Nasser's brainchild Jaguar Racing remains unhurt for the present. There continue to be rumors that Ford is demanding better performance but there is no evidence at the moment to back up the stories.
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