Ford CEO Alan Mulally has no plans to leave
May 12, 2011
WILMINGTON, Del. (AP) -- Ford CEO Alan Mulally brushed aside talk of retirement on Thursday, saying he hasn't given any thought to stepping down now that the company is profitable.
"I haven't thought about that at all," Mulally, 65, said during a brief meeting with reporters after Ford Motor Co.'s annual shareholders meeting in Wilmington, Del.
Mulally's retirement is the subject of frequent speculation because he turns 66 in August.
Mulally said he's pleased to be with Ford and has no plans beyond that. Ford Executive Chairman Bill Ford, who fired himself and hired Mulally as CEO in 2006, joked that there won't be any discussion about Mulally leaving until 2025. The company doesn't have a mandatory retirement age.
Mulally was hired away from Boeing Co. to rescue Ford, which was close to bankruptcy at the time. At Ford, he has cut brands, plants and staff and plowed the savings back into cars and trucks that are now hot sellers. Sales of the Fusion sedan, for example, are up 23 percent through April, while sales of the revamped Explorer SUV have more than doubled.
Ford posted its eighth straight quarterly profit in the first quarter. The profit, of $2.6 billion, was Ford's best first-quarter performance in 13 years.
Shareholder Robert Tenney of Sherburn, N.Y., congratulated Bill Ford for having the "vision and humility" to turn over the CEO job to Mulally.
Mulally has been rewarded for his success. In 2010, he received a pay package worth $26.5 million, up 48 percent from the year before. That included a base salary of $1.4 million and stock and option awards valued at nearly $15 million.
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