The large auto producers were helped by the auto bailout, but things are still tough economically. The Ford Motor Company did better than most automakers, but not without Executive Chairman Bill Ford imposing a five-year pay freeze upon himself beginning in 2005. He said he’d take no salary beginning in 2005, and this would continue until Ford Motors started to turn a more consistent profit. . 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 begin giving Bill Ford deferred salary following the company liked a $ 4.8 billion vehicle profit within the past year. Bill Ford will begin receiving $ 4.2 million in deferred salary from 2008 onward. Bill Ford will also be able to take advantage of stock choices and restricted stock.
Bill Ford was chief executive at Ford from 2001 to 2006
By 2006, Alan Mulally was ready to take over while Bill Ford moved to the board room. The duo agreed to 30 percent salary cuts in 2009 and 2010 to aid in Ford’s recovery. Bill Ford even sold off personal stock within the amount of $ 1 million to start an employee scholarship fund.
In addition to those actions, Bill Ford exchanged $ 28 million in stock and options bought before he froze his salary. Those sales did not change his family’s overall stake within the business, nevertheless. As of now, Bill Ford still has approximately 6.5 million shares of common and Class B Ford Motor Company stock.
Automotive News
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