FoMoCo’s board of directors want to start paying Bill Ford again, but the executive chairman won’t accept paychecks just yet. In May 2005, when Bill Ford used to be CEO, he decided to forego any compensation until Ford’s automotive sector attained sustainable profits. Well that hasn’t happened yet and doesn’t look like it will anytime soon.
In its 2007 annual report, Ford said that it is unreasonable for Bill not to expect compensation for his work and wants to start paying him again in 2008. According to a spokesman, Billy boy declined.
“He wants to stay true to his pledge,” Oscar Suris, Ford’s spokesman, said Wednesday.
Instead Bill Ford has agreed to accept compensation only after the automotive sector of Ford has achieved a full year of profits, at that point he will accept payment reaching back to 2008.
Ford is not setting aside any money now to cover that payment. The automaker said that Bill has foregone $25 to $33 million in the three years since he made his pledge.
Source: Automotive News (Subscription Required)
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