No profits, no paycheck, Bill Ford told Ford Motor Co. shareholders last week.
The 48-year-old CEO said he won't get paid until his company's automotive business achieves "sustainable profitability," not including profits from Ford Motor Credit.
Until then, he'll only get benefits, such as health care and various executive perks, such as use of the corporate jet.
Even with jet privileges, it's a serious comedown: Bill Ford earned $17.5 million in 2004, including $11.9 million in stock.
Bill Ford, along with Ford Motor's compensation committee, will determine what "sustainable profitability" means. But whatever definition they come up with is a ways off: For 2005, Ford Motor projects automotive operations to break even at best.