WILMINGTON, Del., May 13 (UPI) -- The head of beleaguered Ford Motor Co. told shareholders during a Wilmington, Del., meeting he would forego pay until the company turns a profit.
Chief Executive Bill Ford will still have to accept the value of certain company required benefits, such as use of company aircraft, and he will still receive the compensation he has already been awarded, such as a $3-million bonus for last year's performance, the Detroit Free Press reported Friday.
That money has already been committed to providing scholarships to children of Ford employees and other local charities.
The company has long made most of its profits from lending money to vehicle buyers, not selling them cars and trucks.
Shareholders appeared to appreciate Ford's willingness to surrender his pay.
"I think it's a good, symbolic move," said Jonathan Buesing of Minnesota.
