Ford Slashing Costs...Retiring COO AGREES to 1 Year Consult with CEO For $592,080, Isn't That Special

But First Snide's Remarks: I am speechless, well maybe not...as a Ford stockholder I am wondering what else can Mr. Padilla tell young Bill that he hasn't already...maybe we should tie executive's retirement benefits into future results of the decisions that the retiring executive has made during his career at the company...the present policy seems like all reward with no risk...a non-capitalistic concept. I wonder how this consulting fee compares with the salaries of the President's of profitable car comnpanies like Honda Toyota and Nissan...What do you think? msnide@theautochannel.com.

DETROIT, May 15, 2006; Reuters reported that Ford Motor Co.'s retiring chief operating officer, Jim Padilla, has agreed to serve as a consultant to Chairman and Chief Executive Bill Ford, the automaker said on Monday.

In a filing with the U.S. Securities and Exchange Commission, Ford said Padilla's consultancy position will start July 1, 2006 and end June 30, 2007. His consulting fee will be $592,080, the automaker said.

Padilla, 59, will retire as president and COO effective July 1.

Padilla, who made his mark in a 40-year career at Ford as a manufacturing specialist, will not be replaced. His retiring was the latest in a series of management changes linked to the automaker's bid to slash costs and return to profitability in North America, its biggest market.

Ford plans to slash 30,000 jobs and close 14 production plants as part of a broader turnaround effort.