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By Mark Kleis<\/p>\n
<\/a>Ford\u00a0Motor Company\u2019s executive chairman, Bill Ford Jr., vowed five years ago\u00a0not to take any payment\u00a0from the automaker that bears his name until the company\u2019s automotive sector achieved a full year of profitability without the aid of special items.<\/p>\n<\/div>\n<\/div>\n
Following five consecutive quarters of profitable growth, Bill Ford Jr. will finally end his five-year wage freeze, being paid a $4 million salary and in stock options worth $11-12 million, according to the\u00a0Associated Press<\/em>. The compensation covers Bill\u2019s work for the last two years, retroactively.<\/p>\n \u201cThe ongoing success of Ford Motor Company is my life\u2019s work and I am fully confident we are on track for sustained profitable growth through our commitment to building great products, a strong business and a better world,\u201d Bill Ford said in an e-mail to Ford employees, obtained by the\u00a0AP<\/em>.<\/p>\n Bill Ford filed with the SEC today to sell $28 million in stock, which he explained to employees was being done in order to pay off personal loans he had taken in order to purchase Ford stock.<\/p>\n Ford also announced that he will be donating $1 million of his new payment towards the scholarship fund for Ford Motor Company employees\u2019 children.<\/p>\n Prior to today\u2019s compensation, the last payment the chairman received was a stock award in March of 2006, of which Bill donated the proceeds in their entirety to the same scholarship fund.<\/p>\n<\/div>\n source: <\/em>leftlanenews<\/a><\/strong><\/p>\n