Billy Ford Breaks Promise, Goes Back on the Payroll. Or Not.
This one's a bit screwy. According to Reuters, Ford's compensation committee wants to pay Billy Ford– even though the former CEO and current Board Chairman pledged not to draw a penny in salary until FoMoCo had returned to profitability (currently scheduled for 2009). In a note filed with the SEC, Ford (the company) said it's decided to change the terms of of Bill Ford's 2005 compensation arrangement "in light of the company's progress in restructuring its troubled North American operations." The committee insisted that it was "not reasonable" to expect Bill Ford to continue to work for free "particularly after he has received no compensation for three years." Ford spokesman Oscar Suris said Bill Ford had turned his back on compensation worth roughly $25m to $33m. OK, now, The Detroit Free Press reports that Billy has reaffirmed his promise not to bank the bucks until Ford's in the black. TTAC is investigating.