Ford Boss Gives Up Pay Until Turnaround

By: Associated Press
By: Associated Press

Ford chairman and CEO Bill Ford says he'll forgo all compensation until the automaker is profitable again, a move that brought applause from shareholders at the meeting in Wilmington, Delaware.

However, Wall Street is more concerned about the long-term outlook.

A short time after the CEO's announcement, Moody's Investors Service downgraded Ford's credit rating to its lowest investment-grade level. It cites lower profit expectations and sinking market share.

Ford, great-grandson of the company's founder, has not been accepting a cash salary since taking the helm of the company in 2001. His total pay last year, which included stock options, was around $22 million.

Shares of Ford are down three percent in afternoon trading.

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