In a surprising news flash, Ford Motor Co has revealed that it was not paying its executive chairman Bill Ford Jr. for the last five years! What a sacrifice!

Ford now finds time to pay dividends to Bill. However, the auto major is not paying the dues in full, his pending salary has been calculated from January 1, 2008. And, accordingly the calculated compensation becomes $4 million in cash and stock options of about $12 million. Even then, a 30 percent pay cut has been reflected on his earned income for 2009 and 2010, says an online media. The details of the paycheck were released in a Securities and Exchange Committee filing.

Expressing great satisfaction over the payback issue, Bill Ford Jr., grandson of the company’s founder Henry Ford, says in an email that he “never doubted” Ford’s potential to return to profitability. At the time of Ford’s financial crisis in 2005, Bill had promised not to accept any compensation before returning the company in to profitability. He even then went ahead for purchasing about $14 million in stock options by borrowing money to save the company.

Ford’s business started coming back in track in 2005, and hence Bill’s salary has been calculated from January 2005, clarifies a notification.

“The ongoing success of Ford Motor Company is my life’s work and I am fully confident we are on track for sustained profitable growth through our commitment to building great products, a strong business and a better world,” Bill Ford says in an email to his employees.

Bill is now planning to use his accumulated earnings for repaying his loans he took to purchase Ford stocks. Also, he is to donate $1 million from his paycheck towards setting up a college scholarship fund for the children of Ford workers.

“Even during the difficult times for our company and the industry, I never doubted that our efforts at Ford would be successful. I continued to invest in our company’s future by purchasing Ford stock — at times, taking out personal loans to do so,” Bill Ford says. “Today, I am selling some of these previously acquired Ford shares to repay these loans.”

via autoblog; image via sportsbusinessdaily