Showing posts with label Executive. Show all posts
Showing posts with label Executive. Show all posts

Thursday, September 27, 2012

Ford Executive Committee meeting ends with no new CEO-news

By DEE-ANN DURBIN associated press
DETROIT--Ford Board of Directors has a planned meeting with no announcement on the company CEO succession plan ended.

There were rumors this week, which sent the Board of Directors, CEO Alan Mulally to name a successor to 67 years.

But Ford spokesman Jay Cooney says that there will be no announcement Thursday. The Board will meet again next month.

Members of the associated press contacted not the meeting would comment.

Mulally has not said when he plans to retire. If he does it, Ford's America is expected President Mark Felder General, the CEO job. Long-time Ford Executive is the 51-year-old helped Ford's lead the recent restructuring.

Mulally's next public appearance is Tuesday, when will he introduce the new fusion midsize sedan - a critical product - in New York City.

© 2011 The associated press. All rights reserved. This material cannot be published, sent, rewritten or redistributed.

Monday, April 23, 2012

Feds freeze executive pay at General Motors

By Paul A. Eisenstein, The Detroit BureauPity poor Dan Akerson.  He’s delivered the sort of financial turnaround seldom seen in the business world, taking once-bankrupt General Motors to multi-billion-dollar profitability.  But that won’t be enough to earn him a pay hike this year, according to the U.S. Treasury Dept., which has the final say on compensation for the maker’s top 25 executives.

Don’t pity Akerson too much.  He’ll still take home about $9 million this year, including $1.7 million in salary and another $7.3 million in various forms of stock compensation.  But that’s significantly less than his crosstown counterparts.  Ford Motor Co. CEO Alan Mulally got a $29.5 million pay package, the maker announced last week, on top of more than $57 million in long-term stock compensation.

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The federal government began overseeing the salaries of GM executives in 2009 along with those at other companies who received bailout funds under the so-called TARP program.  Most of those firms have since paid off their loans and are no longer subject to the review of a federal pay overseer.  But GM — which is still 26.5% owned by the Treasury – is still covered, as are Ally Financial, the former GMAC, and giant AIAG.

 The controls remain in place because they are “necessary to ensure that compensation … satisfies the public interest standard,” according to Patricia Geoghegan, office of the special master for TARP executive compensation.

Midsize Makers Set for Shoot-out

GM’s top 23 executives earn, on average, about $1.2 million apiece in total compensation.  While several top execs, such as Vice Chairman Tom Stephens, have recently left the company, 14 who remain will receive 0.5% pay hikes and 8.4% increases in overall compensation when stocks and other benefits are included.

But nine of the company’s top managers – who joined GM in 2011 – will receive, on average, 45.5% less than the executives they replaced.

The ongoing pay limits post problems for GM in an environment where it has to compete against other auto manufacturers – and company’s not in the automotive business – for talent, the Detroit maker complains.

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“There are some people who haven’t worked in the auto industry their whole lives, people that want to try something different that pays,” Mark Reuss, GM’s president of North American operations, told reporters earlier this year.

Akerson did manage to take home more than Sergio Marchionne received from Chrysler – which also received a 2009 bailout but last year’s paid off its remaining government loans. For the second year, Marchionne chose to receive nothing for his work at Chrysler.  However, he did get $22.2 million from Fiat, the Italian automaker that currently owns a 58.5% stake in the U.S. maker.

Monday, February 27, 2012

Ford CEO Mulally shines in the midst of Executive shakeup

By Paul A. Eisenstein, the Detroit Bureau

Two of the most senior and respected members of the Executive Board by Ford Motor Company will withdraw the automaker announced on Thursday morning. But CEO Alan Mulally said that he himself has "no plans to retire", and insisted that shake-up no measurable effect on the way have the Executive, as the Detroit manufacturer works.

But Mulally, 65, has made clear that he is the next generation of Ford Manager, including the Executive, the him ultimately success.

This announcements morning include a number of senior members of the Ford management - but sees a new name of the group, the company's Board of Directors election Jon Huntsman, the former Republican presidential candidate, in his ranks.

"Jon understands the importance of strengthening that country's production, which contributes to our success, future", said Ford Chairman Bill Ford.

But the other changes will be immediately noticeable. Gradually down Derrick Kuzak, the veteran engineer who oversaw Ford's shift from a regional to a global development strategy; and booth of Lewis, chief financial officer, financial turnaround at an economic downturn lead dramatic industry maker's, which saw its two domestic competitors bankruptcy helped.

To date, 63, will be was succeeded by Robert Shanks, 59, currently Ford's Vice President and controller, with 34 years of experience with the second largest of the Detroit automakers.

Subsequent Kuzak are 60, Director of global product development Raj Nair, who has treated a wide range of technical tasks at Ford in the last quarter century, recently serving as the Chief Engineer for global product development.

Toyota shifted more hybrid production in United States

The move to global, came instead of regional product development, perhaps the most important element in the plan, that a former Boeing was by the Ford team since Mulally, Executive, end of 2006.  Mulally is central to a Ford strategy, it resulted in the total number of products, platforms and drives the automaker a drastic reduction developed.  Instead, vehicles such as the new 2013 Ford Fusion - with relatively minor change - in the markets all over the world, significantly reduces cost and complexity sold.

While Kuzak and the State CEO Mulally stressed changes "The Ford plan is absolutely clear and unchanged" in the course of the planned senior were crucial for the development and the transition to the approach of a Ford.

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He was one of the most important steps shortly after the accession of Ford, Mulally said, was to ensure that a traditionally competitive management system - where executives had to always to her job sure - moved a cooperative approach was. However, he added, has talent to draw Ford "a deep bench" of developed.

Raised the question of his own retirement. Although still boyish Mulally turned 65 last year, he remains active and alive and has repeatedly declared that he sees no need to go further. He repeated that on Thursday during a conference call media claim it has "no plans to retire" anytime soon.

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Yet he must Mulally acknowledged, eventually with the hand on the reins, which suggests that "Ford a robust succession at every location is absolutely committed."

In the ongoing speculation of a selected group of names on routinely Mulally, could succeed in finally appears again. But with his upcoming retirement status is now from the list.  Among others seem the strongest candidates, mark fields, Ford of President of America, and Joe Hinrichs, who serves as President of the Asian and African operations.

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Observers tend to the fields give the better chances, partly because Hinrichs today as young, 45, for the CEO-point applies, and has not quite as much experience as the 50-year-old fields.

Of course there is again the possibility that the Ford outside could reach how it for Mulally, although Act and Chairman Bill Ford has both the CEO the desire expressed, next to pull the head from internal ranks, if possible.

The management shake up announced that Thursday sees several other prestigious executives move the career ladder.  Hau Thai-Tang manages Nair as top global engineer of the manufacturer.  And Stuart Rowley, currently Ford CFO for Europe, steps in Shanks job as controller.

Chief financial officer of Ford, which will Lewis booth, and global product Chief Derrick Kuzak, retire, reports CNBC's Phil Lebeau.