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Auto Executives Rake In Big Pay Ford Chairman’s Compensation Doubled To $8.1 Million In 1994

Associated Press

Ford Motor Co. Chairman and President Alex Trotman’s pay doubled to $8.1 million in 1994 as he led the automaker to its most profitable year.

A proxy statement released Thursday showed Trotman’s base salary - $1.5 million - was the same as in 1993. But he received a bonus of $6 million and stock and other compensation valued at about $590,000.

More than half of the bonus, $3.6 million, will not be paid until after he retires, and it could be reduced if the company’s stock value diminishes. Trotman, who is 61, did not exercise any stock options in 1994. His 1993 pay totaled $3.9 million.

Compensation for Ford Vice Chairman Allan Gilmour, who retired Jan. 1, reached $5 million last year, including his exercise of stock options worth $708,750. Current Vice Chairman Louis R. Ross was paid $3.7 million and Edward Hagenlocker, president of automotive operations, received salary, bonus and other compensation totaling $3.9 million.

Ford earned a record $5.3 billion last year. Its workers received average profit-sharing payments of about $4,000.

Ford began reorganizing last year to merge its European and North American automotive operations in an effort to save money by eliminating duplicate efforts and using fewer suppliers.

Ford also brought its first “world car” to the United States in 1994.

Chrysler Corp., which also set an earnings record in 1994 with a $3.7 billion profit, paid its top executives less in 1994 than in 1993. Total compensation to Chairman Robert J. Eaton was $6.2 million vs. $9.3 million a year earlier. President Robert A. Lutz was paid about $3.4 million, down from $9.75 million in 1993. Chrysler workers received average profit-sharing payments of $8,000.

MEMO: This sidebar appeared with the story: WHAT THEY’RE PAID Here is the total pay for top Ford Motor Co. and Chrysler Corp. executives last year: Alex Trotman, Ford chairman and president, $8.1 million Allan Gilmour, Ford vice chairman (retired), $5 million. Louis R. Ross, Ford vice chairman, $3.7 million. General Motors Corp. is scheduled to reveal top executives’ pay next week. Edward Hagenlocker, Ford president of automotive operations, $3.9 million. Robert J. Eaton, Chrysler chairman, $6.2 million. Robert A. Lutz, Chrysler president, $3.4 million. Source: Associated Press

This sidebar appeared with the story: WHAT THEY’RE PAID Here is the total pay for top Ford Motor Co. and Chrysler Corp. executives last year: Alex Trotman, Ford chairman and president, $8.1 million Allan Gilmour, Ford vice chairman (retired), $5 million. Louis R. Ross, Ford vice chairman, $3.7 million. General Motors Corp. is scheduled to reveal top executives’ pay next week. Edward Hagenlocker, Ford president of automotive operations, $3.9 million. Robert J. Eaton, Chrysler chairman, $6.2 million. Robert A. Lutz, Chrysler president, $3.4 million. Source: Associated Press