When I saw this headline ("Ford Names John Bond Consultant") in AUTOMOTIVE NEWS, I thought the John Bond they were talking about might have been some relation to the 'real' John Bond (now many years deceased), the man who, along with his wife, Elaine, founded 'ROAD & TRACK' and 'CYCLE WORLD' magazines (and probably others I've forgotten) lo these many years ago. But, no, further reading reveals that this particular John Bond is some bean-counter, from the UK at that. Though we don't automatically hold that against him (or anyone else, for that matter). So, what's in this story which represents what's so wrong with the US auto industry? Check out paragraph number 3, the one which details Bond's payment structure. Yep, $25,000 A DAY, my friends. This only days after Alan Mulally, Ford's new leader, and late of Boeing Aircraft, deposited more than $20 million in his bank account (see story on that travesty and embarrassment farther down the BLOG). Wasn't there something in the news about US industry moving towards "merit-based" salaries? Or was that just for blue-collar assembly-line workers and checkers at Wal-Mart? Remember, Mulally and this guy Bond have not even really started their jobs at FoMoCo yet! In Europe and Asia, you'd be hard put to find ANY exec in the auto industry taking home more than a $250,000 annual salary.
Ford Motor Co. has hired one of its directors as a part-time consultant. John R. H. Bond, 64, will act as consultant and senior adviser to Chairman Bill Ford, specializing in financial matters. The appointment was disclosed late Monday, Sept. 18, in a filing to the Securities and Exchange Commission.
Bond, a director since 2000, will maintain his seat on Ford's board. But he has resigned from the board's compensation committee and the nominating and governance committee.
Under a Wednesday, Sept. 13, agreement, Ford Motor will pay Bond $25,000 per day for actual days worked. Bond is expected to work as a consultant for about one-and-a-half days adjacent to each of the company's seven regularly scheduled board meetings per year. Total payment to Bond will not exceed $262,500 for any 12-month period, unless agreed to by Bond and Ford Motor, the filing says. Either party may terminate the agreement at any time.
Bond retired earlier this year as group chairman of HSBC Holdings plc in London. He also is nonexecutive chairman of Vodafone Group Plc. So good for him!
I knew the Bond family and lived in their home in Escondido, CA, in 1981 to 1986. I had a very close relationship with the son, John Bond, and have pictures of us together. I have lost touch with him and would love to see him. I was in a car accident and lost track. If anyone can help put me in-touch with him, it would be greatly appreciated.
Sincerely,
Monique
[email protected]
Posted by: monique claphan | November 11, 2007 at 04:49 PM
John and Elaine were pretty clearly not the creators of Road & Track, but bought into it. They did make it big, of course. John smoked Eve cigarettes and died of emphysema.
Posted by: Karl Petersen | October 13, 2006 at 09:46 PM