Bill Ford retroactively paid for work as chairmanby Mark Kleis
Bill Ford vowed five years ago not to take payment from Ford Motor Company until the automaker maintained profits for a year, now Ford will pay Bill for his work.
Ford Motor Company's executive chairman, Bill Ford Jr., vowed five years ago not to take any payment from the automaker that bears his name until the company's automotive sector achieved a full year of profitability without the aid of special items.
Following five consecutive quarters of profitable growth, Bill Ford Jr. will finally end his five-year wage freeze, being paid a $4 million salary and in stock options worth $11-12 million, according to the Associated Press. The compensation covers Bill's work for the last two years, retroactively.
"The ongoing success of Ford Motor Company is my life's work and I am fully confident we are on track for sustained profitable growth through our commitment to building great products, a strong business and a better world," Bill Ford said in an e-mail to Ford employees, obtained by the AP.
Bill Ford filed with the SEC today to sell $28 million in stock, which he explained to employees was being done in order to pay off personal loans he had taken in order to purchase Ford stock.
Ford also announced that he will be donating $1 million of his new payment towards the scholarship fund for Ford Motor Company employees' children.
Prior to today's compensation, the last payment the chairman received was a stock award in March of 2006, of which Bill donated the proceeds in their entirety to the same scholarship fund.
1.'After five-year freeze...' view