The large auto producers were helped by the vehicle bailout, but things are nevertheless tough economically. Ford Motor Company chair Bill Ford’s self-imposed pay freeze from back in 2005 helped Ford perform well. He said he’d take no salary beginning in 2005, and this would continue until Ford Motors started to turn a more consistent profit. Now the board at Ford has voted to lift the pay freeze, reports Automotive News. Bill Ford will receive back salary dating to 2008.
Ford will pay Mr. Ford $ 4.2 million in frozen salary
The Ford Motor Company board of directors voted to begin giving Bill Ford deferred salary following the business loved a $ 4.8 billion automotive profit within the past year. Bill Ford’s $ 4.2 million deferred dates back to 2008. Mr. Ford will even receive stock choices and restricted Ford stock.
Bill Ford was chief executive at Ford from 2001 to 2006
By 2006, Alan Mulally was ready to take over when Bill Ford moved to the board room. Both men agreed to a 30 percent salary cut in 2009 and 2010. Bill Ford also sold $ 1 million of his company stock in order to start a scholarship fund for children of company employees.
Bill Ford also sold $ 28 million in company stock in his efforts to help Ford Motors. Despite that large sale, the Ford family nevertheless maintains its 40 percent voting interest in Ford Motors. Currently, Bill Ford maintains 6.5 million shares in common and Class B stock.
Automotive News
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