The big auto producers were helped by the auto bailout, but things are still tough monetarily. Ford Motor Company chair Bill Ford’s self-imposed pay freeze from back in 2005 helped Ford perform well. Bill Ford said in 2005 that he would take no paycheck until Ford Motors turned up the sales success. As outlined by Automotive News, the pay freeze has now been lifted. Bill Ford’s deferred salary that he will receive dates back to 2008.
Ford will pay Mr. Ford $ 4.2 million in frozen salary
The Ford Motor Company board of directors voted to start giving Bill Ford deferred salary following the business enjoyed a $ 4.8 billion auto profit in the past year. Bill Ford will begin receiving $ 4.2 million in deferred salary from 2008 onward. Mr. Ford will also receive stock possibilities and restricted Ford stock.
Bill Ford was Ford’s CEO from 2001 to 2006
Bill Ford moved to the board room in 2006, opening the way for Alan Mulally to take over as CEO. Both Ford and Mulally have agreed to 30 percent personal salary cuts for 2009 and 2010 as part of the automaker’s economic recovery. Bill Ford sold personal holdings in business stock for a $ 1 million scholarship fund he created in 2005 for the children of company employees.
In addition, Bill Ford jettisoned approximately $ 28 million in business stock and possibilities purchased in 2004 and 2005. Bill Ford’s stock sales did not affect the Ford family’s overall holdings of “Class B voting shares,” which as outlined by Automotive News give the family “a 40 percent voting interest in the company”. Presently, Bill Ford maintains 6.5 million shares in common and Class B stock.
Further reading
Automotive News
autonews.com/apps/pbcs.dll/article?AID=/20100806/OEM02/100809870/1254
