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. . That contains deferred salary compensation for Bill Ford dating back to 2008.
Bill Ford will get $ 4.2 million in back pay
The Ford Motor Company board of directors voted to start giving Bill Ford deferred salary after the company loved a $ 4.8 billion vehicle profit within the past year. Bill Ford’s $ 4.2 million deferred dates back to 2008. Bill Ford may also be able to take advantage of stock choices and restricted stock.
Bill Ford was CEO of Ford from 2001 to 2006
In 2006, Alan Mulally took over as CEO of the Ford Motor Company as Bill Ford moved to the board of directors. 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, Bill Ford jettisoned approximately $ 28 million in company stock and choices 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 within the company”. As of now, Bill Ford nevertheless has approximately 6.5 million shares of common and Class B Ford Motor Company stock.
Additional reading
Automotive News
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