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View Full Version : Report: After five-year wage freeze, Bill Ford to draw a paycheck


RSS Robot
08-09-2010, 09:17 AM
Filed under: Etc. (http://www.autoblog.com/category/etc/), Ford (http://www.autoblog.com/category/ford/), Earnings/Financials (http://www.autoblog.com/category/earnings-financials/)
http://www.blogcdn.com/www.autoblog.com/media/2010/08/gyi0061153490-630op.jpg (http://detnews.com/article/20100806/AUTO01/8060419/1148/rss25)

Bill Ford made the sacrifice, now he's earned the reward. After living sans salary from Ford (http://www.autoblog.com/make/ford) for five years, Bill is due to receive $4 million in cash and up to $12 million in stock options. That doesn't cover the entire five years, but rather the last two - it's what he would have made from 2008 to now. Ford made his pledge before the downturn and couldn't have known he'd go five years before "sustainable profitability" was achieved, so the compensation committee backdated his pay to January 1, 2008.

"Sacrifice," in this case, might be a relative term, but still, we give the man full credit for stepping aside and waiting until real money was coming in. Some of his earninsg will go toward repaying loans he took out to buy Ford stock when the chips were down, and another million is going to set up a college scholarship for the children of Ford workers.

[Source: Detroit News (http://detnews.com/article/20100806/AUTO01/8060419/1148/rss25) | Image: Scott Olson/Getty Images]Report: After five-year wage freeze, Bill Ford to draw a paycheck (http://www.autoblog.com/2010/08/09/report-after-five-year-wage-freeze-bill-ford-to-draw-a-paychec/) originally appeared on Autoblog (http://www.autoblog.com) on Mon, 09 Aug 2010 08:56:00 EST. Please see our terms for use of feeds (http://www.weblogsinc.com/feed-terms/).


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Anders
08-09-2010, 10:39 AM
One of the good guys at Ford.:) They are not that common.:rolleyes:

simplyconnected
08-09-2010, 03:04 PM
So, his pay is reinstated back to 2008? Hmmm...

How about all the line workers who gave their concessions, but kept working?

Seriously... we've seen this many times. Lee Iacocca was reimbursed when Chrysler recovered, but the workers NEVER recovered any of their concessions.

Bill Ford may be a 'good guy' but SIXTEEN MILLION will be deducted right off the top of Ford's profitability statements for 2010. You know where that leaves the 'workhorses'? Well, if their kids qualify, he is setting aside ONE MILLION for education.

Do you know that every hourly worker (over 100,000) contributes a nickel per hour to the Ford/UAW Education Fund? That's over 10MILLION/yr. We have done that for decades and the fund is huge for a few reasons: Separated workers (even retirees) have no claim to the benefits or money they contributed, overtime prohibits workers from attending school, and there is a yearly ceiling per employee.

As a concession, I gave part of my health care back to Ford. Do you think Bill might give it back if I talk real nice with him? - Dave

Anders
08-09-2010, 04:04 PM
What I mean is that there is a lot of real a***oles in the top management at Ford, and that Bill isnīt one of them.
Iīm afraid the difference between managemant and workers is the same all over the world.