Alan Mulally's pay tops total of 3 Japanese car chiefs
The combined compensation of the heads of Japan's three largest carmakers was less than that of Ford's Alan Mulally, the world's top-paid auto chief.
Quote from the article:
Source: Alan Mulally's pay tops total of 3 Japanese car chiefs
Quote from the article:
Akio Toyoda, president of the world's largest carmaker, wasn't named in a company filing to Japan's finance ministry Friday, indicating that his compensation last fiscal year was less than 100 million yen ($1.1 million). Nissan's Carlos Ghosn earned 891 million yen and Honda's Takanobu Ito was paid 115 million yen, the companies have said. Toyoda and Ito are dwarfed by their global peers, who on average earn about $12 million, said Towers Watson, a U.S. benefits consultant. Mulally led the pack with $17.9 million in 2009, according to data compiled by Bloomberg News. "Because of globalization, competition is intensifying, and there is a greater importance placed on strong and decisive management," said Katsuyuki Kubo, an associate professor of economics at Waseda University in Tokyo who specializes in compensation and corporate governance. "Without the pay incentive, Japan could lose out on competitiveness." Toyota's top executives, including Toyoda, took pay cuts and gave up bonuses as the carmaker recalled more than 8 million vehicles worldwide to fix defects linked to unintended acceleration. Toyoda worried he would have to step down as president ahead of U.S. congressional hearings on the recalls in February, he said Thursday. |
Source: Alan Mulally's pay tops total of 3 Japanese car chiefs
