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Ford CEO will work for $1 a year to get loan
Ford Motor Co. will tell Congress that it plans to return to a pretax profit or break even in 2011 when its CEO appears before two legislative committees this week.
- AP
- Published: 23:25 December 2, 2008
Detroit: Ford Motor Co. will tell Congress that it plans to return to a pretax profit or break even in 2011 when its CEO appears before two legislative committees this week.
Also, CEO Alan Mulally said he'll work for $1 (Dh3.67) per year if the automaker has to take any government loan money.
The plan Ford is presenting to Congress this week also says it will cancel all management employees' 2009 bonuses and will not pay any merit increases for its North American salaried employees next year.
Other cost-cutting actions include a plan to sell Ford's five corporate aircraft, the company said.
Mulally said in an interview with The Associated Press on Tuesday that Ford will emphasise its cost cutting efforts with the United Auto Workers union and will give much more detail to Congress than it did when lawmakers grilled the automakers' CEOs last month.
The company said it also will accelerate plans to roll out electric vehicles as part of the plan it will present to Congress. The vehicles will come out starting in 2010 and include the Transit Connect small van and a car the size of the Ford Focus compact.
Mulally says Ford will seek $9 billion in government loans but may not need them.
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