When the vehicle bailout helped the “too big to fail” giants from falling into their graves, their monetary futures aren’t yet rosy. The Ford Motor Company has fared reasonably well, but the five-year pay freeze chairman Bill Ford voted on himself no doubt helped. He said he’d take no salary beginning in 2005, and this would continue until Ford Motors started to turn a more consistent profit. As Automotive News reports, that time has come – the pay freeze has been lifted. 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 decided it was time for Bill Ford to get his cash, considering that the automaker reportedly made a $ 4.8 billion car profit over the past 12 months. Bill Ford’s $ 4.2 million deferred dates back to 2008. Mr. Ford will even receive stock opportunities and restricted Ford stock.
Bill Ford was Ford’s CEO 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 also sold $ 1 million of his company stock in order to start a scholarship fund for children of company employees.
Bill Ford also sold $ 28 million in company stock in his efforts to help Ford Motors. Bill Ford’s stock sales did not affect the Ford family’s overall holdings of “Class B voting shares,” which according to Automotive News give the family “a 40 percent voting interest within the company”. As of now, Bill Ford still has approximately 6.5 million shares of common and Class B Ford Motor Company stock.
Further reading
Automotive News
autonews.com/apps/pbcs.dll/article?AID=/20100806/OEM02/100809870/1254
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