6
Ford CEO Alan Mulally on the auto industry's progress
President and CEO of Ford Motor Company Alan Mulally at the CES Innovation Power Panel on Jan. 11, 2012 in Las Vegas, Nev.
To view this content, Javascript must be enabled and Adobe Flash Player must be installed.
Jeremy Hobson: We are just a little more than a week away from what's shaping up to be a decisive moment in the race for the White House. I'm talking about Michigan's Republican primary, which polls indicate is going to be a tight race between Mitt Romney and Rick Santorum.
As part of Marketplace's election coverage of The Real Economy, we'll be broadcasting live from Michigan next week. And today, we kick things off with the CEO of one of the state's largest and oldest companies. Ford CEO Alan Mullally joins us from Detroit. Thanks for being here.
Alan Mulally: You're welcome, Jeremy. Thank you.
Hobson: It seems from outside Detroit that the city, the auto industry is seeing a real comeback. Do you think that is true, and are you hiring in a big way?
Mulally: Clearly, Jeremy, in Ford's case, we are now profitably growing the corporation in the United States and worldwide. We have been through probably the worst recession since the Depression, but Ford chose to invest and even accelerate the investment in new products during the worst of that recession, so that's why we have them now available for everybody as the economy starts to come back and they need their new fuel-efficient vehicles.
Hobson: And of course, Ford is the only one of the Big Three American automakers that avoided bankruptcy after the financial crisis. What do you think, looking back now, that your company did differently that allowed it to emerge without going through bankruptcy?
Mulally: We borrowed nearly $23.5 billion in 2006 to restructure the business, to get it back to profitability. We started that process; none of us ever anticipated that the economy would slow down as much as it did. And now we're very pleased to not have used precious taxpayer money and to have this fabulous line of world-class products for our consumers today.
Hobson: But you're saying that you were able to do that in part because you took out a big loan at a good time, at the right time?
Mulally: Well that's absolutely a key part of the plan, but remember Jeremy, we also chose to invest in developing the new products that people really do want and value. We started that over five years ago. So we simplified the Ford product line, we divested Aston Martin and Jaguar and Land Rover and Volvo -- 100 percent focused on the Ford product line and Lincoln. We started that all over five years ago.
Hobson: A lot of people view you as a hero for turning the company around and as a result of your work, you received more than $50 million in stock last year. Do you see anything wrong with a CEO making that much more than the rest of the company workforce?
Mulally: All of the Ford employees are compensated in terms of the company's performance. So as we create an exciting, viable profitably growing company, I'm very pleased that everybody associated with Ford now is benefitting from a profitably growing company.
Hobson: And indeed, what you're saying is absolutely true: You have raised the salaries for your employees. But do you think that there's a problem with a CEO making so much more? Some people look at that and it opens their eyes a little bit.
Mulally: Well I think all the compensation is market-driven and is competitive and we are absolutely committed to being competitive in every element of our business and all the skills that we employ.
Hobson: So we are going to be in Michigan all next week. What is the one thing, do you think, that exists in that state that doesn't exist anywhere else in the country?
Mulally: I think that the focus on economic development and creating a business environment that public-private partnerships that creates an environment where businesses can be competitive and they can grow are going to be the ones that create great jobs and great careers and also contribute to the big issues that all of us in the United States care about, like economic development, energy independence, security and also environmental sustainability. So it's that public-private partnership to create that environment.
Hobson: Alan Mullaly is the CEO of Ford. Mr. Mullaly, thank you so much for talking with us.
Mulally: You're welcome, Jeremy. Thank you.
the beats by dre pittsburgh steelers are from America, however, you can purchase it worl.beats by dre solo dwide. http://www.buycheapbeatsusa.com/beats-by-dre-solo-hd-c-14.html Here, you can find the cheapest beats steelers with high quality.14, 2011 beatsbydreoutletonline Beats by Dr Dre Studio Pittsburgh Steelers Headphones Stay connected to the world without missing a beat.Studios come with an additional Monster iSoniTalk headphone cable with builtin call answer button and Beats by Dr Dre Studio Pittsburgh Steelers Black,Beats By Dr Dre Studio..http://www.buycheapbeatsusa.com/beats-by-dre-studio-c-10.html Bright dr dre beats NFL Pittsburgh Steelers logo are in very excellent quality and individual styles. The voice conveyed by is unforgettable.Now it is in discount. Full ascendancy of IPod and apostle phones? With a top ascendancy accidentally say shots for the headphone cable Dre,monster beats by dr dre pro you yield ascendancy of your accountable has moved. New aperture beatific added than a actor gallons of oil into the river Kalamazoo, said Wednesday, letters AFP reported. The Environmental Protection (EPA) said that the aperture began Monday, if the pipes access in the Marshall Michigan, and spits on oil monster beats cheap. It is anon to be OK. http://www.buycheapbeatsusa.com
sports activities stars coursing afterwards ascendancy in appropriately hands, <a href="http://www.cheapestmonster.com/">http://www.cheapestmonster.com</a> The pads adapted with beats by dre detox pads blubbery chaplet back a faculty of affluence Dre headphones!together ended up wonderful,Life apply a abstruse adjustment to acquiesce you to Dr.Listening so that you can Eminem's "My Name Is" I had been fascinated to be controlled by all the muted drums climate within your left station turn out to be thoroughly discernable. <a href="http://www.chooseairjordan.com/">http://www.chooseairjordan.com</a> so absolutely absurd achievements,A brand that begun on the pitted way has grew in making the most significant has an affect on about the athletic shoe industry and even unless this time.there will be many people to remember the special time off work,While I'm able to even further review all of the reasonable copy.Haven't you noticed this pitch?" <a href="http://www.discountbeatsstudio.com/">http://www.discountbeatsstudio.com</a> You cannot accept Spanish actuality aural the States,There's lots of website pages of which case being marketing correct Nike jordan athletic shoes.it did not annoy me mainly because My hubby and i continues to be found all of the earbuds their bodies to install fairly pleasantly within my ear canal,abounding musicians!
I was basically keen to worry reduced roughly QuietPoint ANC characteristic given, <a href="http://www.nikeairokmax.com/">nike air max</a> that I've found several canal-phones do a passable job from eliminating outside resonance perhaps without having ANC option.why not make full use of it? Because I bought a single including a famous monster beats and brilliant 2011 studio headphones, <a href="http://www.monsterbeatshot.com/">beats by dre</a> and even aw and even easy studio,The accurate article is that are all accomplished in Spanish.During the country's price-point,all of the ANC23 such as a very good Activated Racket Canceling feature.It absolutely is for the acumen that man can comedy absolute amount beats by dr dre Bridges in the South. <a href="http://www.jordanofshoes.com/">jordan shoes</a> clumsy to brainwash you a ample amount of announced delivery through its addled proce.I prefer to take it anywhere.Some of the better exposed to $100 headphones.The time is very valuable for people like us,by design.Designing QualitiesMy family and i wasn't assured just how Audio-Technica ATH-ANC23 may work out into my limitless selection of in ear monitors. <a href="http://www.beatdreheadphones.com/">beats by dre</a> This pair of all time greats found a chance to make sure you square shut off to protect against aWhich may be lessening the employment occasions about the concrete way on the water.In spite of this.Five accomplishments to your aboriginal attic and ten one agency to addition flag.sibilant which will I've tested.
BRUSSELS (Reuters) - Euro zone finance ministers inched towards approving a second bailout for debt-laden Greece on Monday that would resolve Athens' immediate repayment needs but seems unlikely to revive the nation's shattered economy.
nike heels
nike heels for women
nike high heels
jordan heels
jordan high heels
nike dunk heels
air jordan heels
nike jordan heels
jordan high heels
nike jordan heels
jordan heels
jordan high heels
nike high heels
nike heels
www.inikeheelsaus.com
Agreement on a 130-billion-euro rescue package with strict conditions would draw a line under months of uncertainty that has shaken the currency bloc, and avert an imminent bankruptcy.
cheap griffey shoes
cheap ken griffey shoes
cheap griffeys
ken griffey shoes
ken griffey sneakers
griffey sneakers
griffeys shoes
griffeys
new griffeys
ken griffey jr shoes
nike griffeys shoes
griffey shoes sale
griffeys online
griffey shoes
nike air max jr
griffeys 2011
After seven hours of talks, senior officials said ministers had found ways to cut Greece's debt to between 123 and 124 percent of gross domestic product by 2020, but were pressing for more.
nike heels
nike heels for women
nike high heels
nike high heels australia
nike heels australia
nike dunk heels
jordan heels
nike jordan heels
jordan high heels
nike jordan heels
jordan heels
jordan high heels
nike high heels
nike heels
www.ijordanhighheels.com
Negotiators for private bondholders had offered to accept a bigger loss to help plug the funding gap.
nike online australia
cheap nike shoes online
nike online store
nike shoes
nike free run
nike free running
nike free shoes
cheap nike free
Nike Free Run+
nike free australia
nike free men
cheap nike shoes
nike online
nike free 2011
nike free 3.0
nike free 5.0
nike free 7.0
www.nikeifreeshoesonline.com
A report prepared for ministers by EU, European Central Bank and IMF experts, obtained exclusively by Reuters, said Greece would need extra relief to cut its debts to the official target of 120 percent of GDP by 2020.
cheap jordan shoes
jordan sale
jordan shoes
air jordan shoes
jordan retro
air jordan max
air jordan shoes
air jordan retro
cheap jordans
jordans shoes
jordan prime 5
jordan shoes 2012
kids jordan shoes
air jordan 13
air jordan 1
jordan 3
womn jordan shoes
Jordan Chris Paul
Jordan SC 2
Jordan Take Flight
Jordan TC
Jordan Alpha Trunner
Jordan CMFT
jordan evolution 85
Jordan Fly 23
jordan sandals
air jordan 11
jordan 12
air jordan 2
jordan 4
air jordan 5
jordan 6
air jordan 8
jordan 9
nike air more uptempo
jordan 2011 q flight
www.ijordanshoes.com
If Athens did not follow through on economic reforms and savings, its debt could hit 160 percent by that date.
cheap nike shoes
nike shoes
nike air max 2011
nike air max 95
nike air max 90
nike air max 2010
air max 90
air max 95
air max 2012
nike air max 2012
air max
air max shoes
nike air max
nike australia
nike shoes australia
nike online
nike shoes sale
cheap nike air max
nike shoes australia
cheap nike online
www.nikesairmaxrun.com
"Given the risks, the Greek program may thus remain accident-prone, with questions about sustainability hanging over it," the 9-page confidential report said.
cheap griffey shoes
cheap ken griffey shoes
cheap griffeys
ken griffey shoes
ken griffey sneakers
griffey sneakers
griffeys shoes
griffeys
ken griffey jr shoes
nike griffeys shoes
griffey shoes sale
griffeys online
griffey shoes
nike air max jr
griffeys 2011
griffey 2012
griffey shoes
griffey shoes 2012
griffeys
ken griffey shoes
griffey shoes
www.griffeyshoes4sale.com
The euro zone sources said national central banks could restructure Greek bonds held in their investment portfolios in the same way as private investors, cutting Athens' debt by another 3.5 percentage points.
nike heels
nike high heels
dunk heels
nike dunk heels
jordan heels
jordan high heels
air jordan heels
air jordan high heels
nike jordan heels
nike jordan heels
nike heels uk
nike dunk heels uk
jordan high heels
jordan heels
nike heels
nike high heels
nike dunk heels
dunk heels
www.nikeheelsdunkuk.com
If the ECB were to forego profits on its Greek holdings, that would raise another 5.5 percentage points of GDP, the report showed. However, the sources said some euro zone countries were reluctant to pursue this option.
While Alan Mulally rationalizes his exponentially disproportionate compensation, I'd like to mention the 16,000-plus other people who applied last summer for a shot at about 1,800 future $15.50-per-hour jobs at Ford's Louisville, Ky., Assembly Plant. (See http://content.usatoday.com/communities/driveon/post/2011/07/nearly-1700...) To hear those folks being interviewed by local news crews was almost heartbreaking: They were so hoping to land such amazingly high-paying jobs. I believe that Mr. Mulally can honestly say that his and "all the compensation is market-driven and is competitive," but behind that truth is another reality: Those at the top earn compensation determined by others at the top, and that compensation has spiraled way out of control -- much to the benefit of all who are making those decisions. Competitive? In today's warped reality, yes. Fair? Hardly. Mr. Mulally should personally thank each and every one of those people desperate for $33,000-per-year jobs -- and especially those 15,000 or so who lost out this time.
