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Ford CEO agrees to $1 per year salary if company takes government loan money

2008-12-03 15:55:40 (GMT) (Caymanmama.com - Automotive News)

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Alan Mulally

Ford CEO Alan Mulally claimed he would work for an annual salary of $1 if the company must take any bailout money from the government

Dallas, Texas (CaymanMama.com) –Drastic times call for drastic measures and Ford Motor Co. CEO Alan Mulally is taking that to heart as a new report from the Associated Press said the executive has a cut-throat plan for the carmaker’s future.

Meeting with Congress again on Tuesday, Ford will propose to Congress its plan to resume with a pretax profit or break even in 2011 when the Big Three automakers’ CEOs go before lawmakers this week to ask for assistance in the form of $25 billion in government loans.

So how is Mulally taking that one step further?

Simply put, the Ford CEO claimed he would work for an annual salary of $1 if the company must take any bailout money from the government.

During a heated Congressional hearing with the Big Three execs last month, members of Congress insisted that the automakers supply them with plans for how they intended to survive in the future, given they were assisted with federal funds.

For Ford specifically, the automaker’s plan was to negate all management 2009 bonuses and cancel merit increases for all North American salaried workers next year. After receiving great criticism for traveling to the hearing in separate million dollar private jets, Ford Motor Co. also plans to sell all five of the company’s corporate aircraft.

“Mulally said in an interview with The Associated Press on Tuesday that Ford will give much more detail to Congress than it did previously, and the company will emphasize the steps it has taken to cut its labor costs with the United Auto Workers union.”



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