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UAW Pres. King Calls Payout to Ford CEO “Morally Reprehensible”

Union leaders gather to set out bargaining strategy.

by on Mar.23, 2011

Ford CEO Mulally's huge pay package draws the wrath of UAW leaders.

United Auto Workers President Bob King ripped into the pay package for Ford Motor Co. chief executive officer Alan Mulally, calling it “morally reprehensible.”

Speaking with reporters following the union’s bargaining convention, King also said he believed Mulally’s pay package was ill-advised.

“I like Alan Mulally. I think he’s done a terrific job,” stressed King, “but I don’t think any CEO is worth $300 million,” a reference to the estimated payout the Ford chief executive received in terms of stock and stock options recently reported to the Securities and Exchange Commission.

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“I think it’s morally reprehensible,” King said. “There is still a lot of poverty in the world,” he said. “I don’t think it helps Ford either,” King said, adding “a lot of people” helped Ford recover as it earned more than $6 billion last year.

The attack on Mulally’s compensation came as a 2011Harris Poll EquiTrend study indicated Ford was the highest-ranked brand among American consumers dethroning Toyota, which fell all the way to fourth behind not only Ford but Japanese rival Honda.