Ford chief earned 13.6 million dollars despite record losses

Ford MotorsNew York  - Despite record losses, the chief of Ford Motors, Alan Mulally, earned 13.6 million dollars in 2008.

The money included 2 million dollars in regular salary plus long- term stock options, the country's second largest car producer said Tuesday in a statement.

Mulally did not receive a bonus for 2008, in contrast to 2007. For the current and next years, he has agreed to a 30-per-cent salary reduction.

Ford reported record losses of 15 billion dollars for 2008 - but still has enough cash reserves to survive.

Unlike its rivals, the biggest producer General Motors and Chrysler, Ford has not gone begging to Washington for federal funds to stay afloat.

GM and Chrysler have received a lifeline of more than 13 billion dollars. The companies have to be on a viable path to profits by March 31 or the government will demand the money back, which could force bankruptcy on either of the car producers. dpa

Business News: