Ford Executive Chairman Bill Ford made a promise nearly three years ago that cost him an estimated $25 to $33 million in earnings and he still will not accept any payment for 2008. This is despite wishes to do otherwise from the auto giant’s board of directors, according to Ford Motor Company’s 2007 annual report. In May of 2005, Bill Ford decided to deny himself compensation until the company’s automotive sector achieves a full year of profitability, without the aid of special items.
“He wants to stay true to his pledge,” said spokesman Oscar Suris on Wednesday. Once Ford is profitable again, Bill will accept payment dating back to 2008, but Suris said Ford Motor is not allocating any funds for that eventual salary. The amount is not known, and will not be disclosed until it is paid out, the spokesman continued.
The last time Bill Ford received any money from his employer came in the form a March 2006 stock award granted before the pledge. Instead of going into his pocket, Ford donated the proceeds to a scholarship fund for the children of Ford Motor Company’s employees, however.
