Ford CEO to forgo compensation

May 12, 2005

Speaking today at the Ford Motor Co.'s 50th annual shareholders meeting, company chairman and CEO Bill Ford said he will forgo all compensation until the company, whose credit rating was downgraded to "junk" status last week, is sustaining profitability.

Ford, the great-grandson of Henry Ford, has asked the company's compensation committee to link his pay more closely to the company's performance. Although he has not been drawing a cash salary since he began running the company in 2001, his 2004 compensation package was worth around $22 million.

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