Ford boss cashes in as company profits plummet

Australian Jac Nasser, the international president of Ford, picked up a $52.6 million pay packet in 2000 - a year when the company's overall profits fell by 52 per cent.

The car giant paid Nasser a salary of $3.9 million and a bonus of just over $19 million. The chief executive also, according to American reports, received $6.9 million in share dividends, another $8.8 million in stock earnings and the chance to buy shares at a discount worth about $14 million.

The details of Nasser's package came as Ford Australia, supplier to New Zealand of the Falcon range of cars, reported a $120 million drop in earnings for 2000.

Ford Australia declared a loss of $19.7 million last year, the first time the company has been in the red since 1993. The result was well down on its $100 million profit in 1999.

Australian executives blamed the 2000 result on lower domestic sales and product planning decisions taken in the late 1990s.

Sales of Ford passenger vehicles in Australia last year were 87,900, the company's worst result since 1991. The lower sales share meant Ford had to spend money and discount to protect its position.

It sold 60,460 Falcons last year and finished third on the sales charts behind Toyota. Holden was the market leader with 83,610 Commodores. Ford last held the top spot in 1997.

Sales of Ford commercial vehicles grew slightly, but its overall share of the Australian market still slipped to 14.5 per cent from 16.1 per cent in 1999.

Ford Australia president Geoff Polites said boosting sales of the home-grown Falcon was the key to a return to profitability. He predicted the carmaker would at least break even this year.

Ford Australia relies on domestic sales more than its main rivals Holden, Toyota and Mitsubishi. Holden, for example, exports Commodores to New Zealand, Britain, South Africa, South America and the Middle East.

Ford's only export markets for the Falcon are New Zealand and South Africa. Last year Ford New Zealand sold 4186 Falcons.