AUGUST 14, 2002
Reitzle gets $2m pay-off
The Ford Motor Company cannot complain much about its Formula 1 program as the money it has spent in recent months on paying off old executives is a huge pile. Getting rid of former chief executive Jac Nasser cost Ford tens of millions of dollars and it has now been revealed that Reitzle's severance deal is worth $2m. This money is basically designed to ensure that Reitzle does not divulge any secrets that he knows about Ford. The pay-off came to light in Ford's filings at the US Securities and Exchange Commission.
Reitzle who lost out in a power struggle after Nasser's departure went off to join the Linde AG industrial group. He agreed not to join a competing automobile company for two years.
Ford reported a loss of $5.45 billion last year.