Ford Motor Co. Chairman Donald E. Petersen received $2.8 million in bonuses in addition to his $929,934 salary for 1987.
Vice Chairman Harold A. Poling got $2 million in bonuses and $808,697 in salary and benefits, according to Ford's proxy statement being mailed this week to the company's 265,000 stockholders.In all, the statement said the company paid $247.9 million in bonuses to 5,166 executives. That works out to an average bonus of nearly $48,000 apiece.
The bonuses came in a year when the company posted a record profit of $4.6 billion, or $9.05 per share, up 41 percent from 1986.
Last month, Ford handed out profit-sharing checks amounting to a record $636 million to more than 156,000 hourly and salaried workers in the United States, making for an average check of just more than $4,000 each.
United Auto Workers union President Owen Bieber and Vice President Stephen P. Yokich, who directs the union's Ford Department, said the executive bonuses "send the wrong message to workers and consumers."
"When it comes to executive compensation, Ford's behavior shows the same greedy, shortsighted instincts that almost all American corporations exhibit," they said. "We just don't believe that Mr. Petersen or anyone else is worth over 100 times as much as a UAW production worker is worth to Ford."