There may be some great Chevy Malibu Deals going on right now, but the news that Bill Ford can bring to Ford Motor Company might be even bigger and better! Bill Ford is the great-grandson of founder Henry Ford, who started Ford Motor Company in 1903. Bill Ford declared in May of 2005 that he would no longer accept payments until Ford Motor Company began churning a profit again. This happy story makes you wonder how many other executives have done something similar; perhaps at Peoria Volkswagen or Miami Freightliner Trucks? It is unlikely, but we do know that the CEO of Toyota took a major, major pay cut after the Toyota recalls and many of their higher-up executives refused bonuses and also took voluntary pay cuts.
Bill Ford is the Executive Chairman, and after five years of refusing compensation, he is being given a paycheck in the amount of $4.2 million, which is payment from the beginning of 2008 up until present day. He refused compensation until Ford was profitable, and with profits of $4.8 billion in 2009, the compensation committee came to an agreement that it was time to start paying the man again! Bill Ford acted as CEO from 2001 until 2006 when Alan Mulally became chief executive. For 2009 and 2010, both Bill Ford and Alan Mulally took 30% pay cuts until the business was out of the red.
So how had Bill Ford been surviving since 2005? Well, he used personal loans and purchased stock in 2004 and 2005. According the the U.S. SEC, Bill Ford sold some of his personal shares of Ford Motor Company stock and received $28 million, some of which he used to repay his personal loans from 2004 through 2005. Bill Ford also made a $1 million contribution to the scholarship he established in 2005 for the children of Ford Motor Company employees.
Bill Ford is the Executive Chairman, and after five years of refusing compensation, he is being given a paycheck in the amount of $4.2 million, which is payment from the beginning of 2008 up until present day. He refused compensation until Ford was profitable, and with profits of $4.8 billion in 2009, the compensation committee came to an agreement that it was time to start paying the man again! Bill Ford acted as CEO from 2001 until 2006 when Alan Mulally became chief executive. For 2009 and 2010, both Bill Ford and Alan Mulally took 30% pay cuts until the business was out of the red.
So how had Bill Ford been surviving since 2005? Well, he used personal loans and purchased stock in 2004 and 2005. According the the U.S. SEC, Bill Ford sold some of his personal shares of Ford Motor Company stock and received $28 million, some of which he used to repay his personal loans from 2004 through 2005. Bill Ford also made a $1 million contribution to the scholarship he established in 2005 for the children of Ford Motor Company employees.
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