First, their huge disadvantage in costs relative to foreign brands must be eliminated. That means new labor agreements to align pay and benefits to match those of workers at competitors like BMW, Honda, Nissan and Toyota. Furthermore, retiree benefits must be reduced so that the total burden per auto for domestic makers is not higher than that of foreign producers.
In 2006, Ford's CEO Allan Mullaly made $28 million, BMW CEO Norbert Reithofer earned only $3.6 million and Toyota's top 32 executives received a total of $7.8 millon in bonuses. Guess which company is in serious financial trouble?
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