Bill Ford, chairman of Ford Motor, and Alan Mulally, the Detroit carmaker’s chief executive, have agreed to cut their salaries by 30% this year in a drive to show they are sharing in the sacrifices demanded from lower-level workers. In a staff memo on Tuesday, Ford and Mulally reiterated Ford’s resolve not to accept a public bail-out. Meanwhile the CEOs of Ford’s key rivals, GM and Chrysler have agreed to nominal salaries as part of the conditions for $17.4bn in emergency loans they have received from Washington.

This entry was posted by Gwen Robinson on Wednesday, February 25th, 2009 at 4:09 and is filed under People. Tagged with ford. Edit this entry.