Padilla Gets Sweet Parachute Deal

May 15, 2006

When Bill Ford Jr. wasn’t being chastised by an irate stockholder during the company’s recent annual shareholders meeting in Delaware, he took time to acknowledge soon-to-be-retiring Ford President James Padilla (shown here, on left).

Padilla will retire July 1. He thanked him for his 36 years of service to the automaker and wished him well in retirement and that he hoped he got everything he deserved. Well, courtesy of the Securities and Exchange Commission, we now know what he deserves…or at least what Ford Motor Co. will give him.

According to the filing, he’s going to be a consultant to Ford Motor Co. for the next year and a handsomely paid one at that. He’ll get $592,080, which will be paid at the beginning of each quarter. That’s a check for $148,020 sitting in the mailbox. Additionally, he “will be eligible for two executive vehicles under the Executive Evaluation Vehicle Program.”

He will also “be provided a laptop computer, software, a docking station with monitor, printer, fax machine and wireless support, email, internet connection, and phone service for use during the term of the agreement.” He’ll also get “the same post-retirement benefits, such as health care and life insurance on the same terms and conditions as other Company salaried employees retiring at the same time,” the filing said.

On the down side, no more using the company jet to get around the country. So if you’re checking in at the Spirit Airline counter and the guy standing behind you looks an awful lot like Padilla, it just may very well be…

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