CHICAGO - Ford Motor Company's chief executive said Thursday he will forgo all pay until his family's company returns to profitability.
Speaking at the automaker's annual meeting in Delaware, Bill Ford said he will wait until he and the compensation committee "are satisfied that the company has achieved and is sustaining profitability" before drawing a salary.
The automaker has been struggling with weak sales and saw its debt downgraded to junk status on May 5 by credit risk appraiser Standard and Poor's.
Echoing many in the investment community, S and P queried whether the managerial strategies of the Ford and General Motors, which was also downgraded to junk status, might not prove "ineffective" in addressing "mounting competitive challenges".
Bill Ford responded by sending an e-mail out to employees urging employees to prove S and P wrong.
"We should consider it an undeniable call for us to accelerate our business plans," Ford wrote. "That means being even more aggressive in driving down our costs so that we can successfully develop and build high-quality cars and trucks that people want."
05/12/2005 15:14 GMT