What we're reading this morning about the payday of Ford's chief executive, the stumbling European auto industry and what a major hacker does with cars in his spare time:
Ford rewards Mulally $58.3 million in stock for turnaround [Bloomberg] In return for orchestrating the turnaround that saved the company, Ford granted CEO Alan Mulally shares that are now worth $58.3 million; he'll only receive $34.5 million, with the rest held back to cover his taxes. (All of this is in addition to his regular salary and benefits). Given that Ford's shares have risen 500 percent in the time since the award, and that Ford has become one of the world's most profitable companies, it's hard to argue against the intent of the grant -- even though it makes Mulally the world's highest-paid automotive executive.
Europe's struggling carmakers seek regional overcapacity fix [Reuters] Automakers in Europe can build 20 percent more vehicles than they can find customers for — and even then, buyers in Europe are tightening their purchases due to economic worries. The trouble as the story notes: if one automaker manages to close plants in the over-regulated EU, the rest of them will demand to follow.
Hacker turned informant liked fast cars, stealing engines [Gizmodo/FWD] Federal officials on Tuesday revealed the head of the LulzSec hacking collective, one Hector Monsegur, 28, had been working with them as an informant for months. And what did Monsegur do while away from the computer? Make videos of burnouts in New York City streets — and, according to charging documents, hack an auto parts website to get four engines worth $3,000.
Chrysler may delay Dart launch to avoid jinx [Detroit Free Press] Production of the new Dodge Dart was supposed to start on April 1 — but a superstitious Chrysler CEO Sergio Marchionne says they'll push back a day to avoid a jinx. Let's see what his reaction is when the union uses the same logic to suggest taking off the next Friday the 13th.