Mark Fields under fire for expensive flights home
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Mark Fields under fire for expensive flights home
Gotta say I agree with this post on Autoblog. It sends the wrong message, to say the least >>
Originating story.
Mark Fields under fire for expensive flights home
Posted Nov 15th 2006 3:01PM by Scott Davis
Filed under: Ford, Earnings/Financials
Steve Wilson, a reporter for WXYZ Channel 7 in Detroit, has taken the President of the Americas for Ford Motor Company, Mark Fields, to task for the weekly flights the executive takes from Detroit to his home in Delray Beach, Florida. Fields uses a company jet for the flights, which itself isn't the issue since the trips are approved by his employment contract. Wilson, however, estimates that each weekly trip costs between $50,000 and $70,000, essentially an entire year's salary for many who work at Ford. Those high figures include the cost of flying one passenger with a crew of three, and either putting the crew up in a luxury hotel for the weekend or having the jet return to Detroit and fly back to fetch Fields before Monday.
Fields has been quoted as saying, "We are making sacrifices at every level." The person who hired Fields, ex-CEO Bill Ford Jr., surely made sacrifices. The great-grandson of Henry Ford announced he would forego any and all compensation back in May of 2005 until his family's company begins turning a profit again. Of course, Mark Fields is not a member of the Ford family and no expects him to forego a salary, which last year reportedly amounted to $3 million including a $1 million bonus. Wilson, however, clearly sees the hypocrisy of an executive asking his workforce to sacrifice their wages, health care and even their jobs while he drains the company of funds he could cleary afford to cover himself.
The weekly trips home on the company jet are seen by Ford as an incentive to attract and retain talent the automaker sorely needs to turn its fortunes around. Hopefully Mark Fields is the man for that job, and if he succeeds we won't say a word every time he boards the Blue Oval jet. But at this moment when Ford is struggling to remain solvent, even if the overall impact is minimal, the gesture of foregoing some of those expensive perks goes a long way.
Posted Nov 15th 2006 3:01PM by Scott Davis
Filed under: Ford, Earnings/Financials
Steve Wilson, a reporter for WXYZ Channel 7 in Detroit, has taken the President of the Americas for Ford Motor Company, Mark Fields, to task for the weekly flights the executive takes from Detroit to his home in Delray Beach, Florida. Fields uses a company jet for the flights, which itself isn't the issue since the trips are approved by his employment contract. Wilson, however, estimates that each weekly trip costs between $50,000 and $70,000, essentially an entire year's salary for many who work at Ford. Those high figures include the cost of flying one passenger with a crew of three, and either putting the crew up in a luxury hotel for the weekend or having the jet return to Detroit and fly back to fetch Fields before Monday.
Fields has been quoted as saying, "We are making sacrifices at every level." The person who hired Fields, ex-CEO Bill Ford Jr., surely made sacrifices. The great-grandson of Henry Ford announced he would forego any and all compensation back in May of 2005 until his family's company begins turning a profit again. Of course, Mark Fields is not a member of the Ford family and no expects him to forego a salary, which last year reportedly amounted to $3 million including a $1 million bonus. Wilson, however, clearly sees the hypocrisy of an executive asking his workforce to sacrifice their wages, health care and even their jobs while he drains the company of funds he could cleary afford to cover himself.
The weekly trips home on the company jet are seen by Ford as an incentive to attract and retain talent the automaker sorely needs to turn its fortunes around. Hopefully Mark Fields is the man for that job, and if he succeeds we won't say a word every time he boards the Blue Oval jet. But at this moment when Ford is struggling to remain solvent, even if the overall impact is minimal, the gesture of foregoing some of those expensive perks goes a long way.
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http://forums.bradbarnett.net/showth...ghlight=flying
I'm still on the fence about this issue. I appreciate Ford offering the flights as incentives, but am a little disgruntled that Fields (who must be aware this 'issue' as been around for at least 3-4 months) wouldn't pass on this incentive (for the time being).
I'm still on the fence about this issue. I appreciate Ford offering the flights as incentives, but am a little disgruntled that Fields (who must be aware this 'issue' as been around for at least 3-4 months) wouldn't pass on this incentive (for the time being).
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Joined: July 21, 2004
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From: New Jersey
I like Mark and I think he's doing a good job. This activity should stop immediately. Put him on first class commercial flights for about $1,000 round trip and save the company $69,000 a week.
Jets are great tools and most large, successful companies use them for business purposes. This usage not only seems extravigent, but excessive as well. I say let him use the jet only if there isn't a commerical flight available on a specific weekend. You could still save $65,000 if you had a limo pick him up and drop him off at his doorstep.
Jets are great tools and most large, successful companies use them for business purposes. This usage not only seems extravigent, but excessive as well. I say let him use the jet only if there isn't a commerical flight available on a specific weekend. You could still save $65,000 if you had a limo pick him up and drop him off at his doorstep.
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