After 5-year pay freeze, FoMoCo will pay Bill Ford
After a 5-year pay freeze, FoMoCo’s Executive Chairman Bill Ford Jr. is getting paid again. The details were released in a Securities and Exchange Committee filing and stated that Bill will be paid $4 million in salary and in stock options with a current value of $11 million to $12 million. The total payout represents his earnings over the last two years.
Bill Ford stopped talking salary in 2005, when he was chairman and CEO of Ford. The following year, he stepped aside as CEO and hired Boeing head Alan Mulally to take the job.
In 2008, Ford’s compensation committee ruled that Bill Ford could be paid from the beginning of 2008, once the company’s automotive operations returned to profitability. The committee recently decided those conditions have been met.
The Dearborn automaker made $2.7 billion in 2009, its first annual profit in four years and earned $2.6 billion in the second quarter of 2010, its fifth straight quarterly profit.
– By: Omar Rana