Bill Ford noted that the automaker, which lost $6.4 billion in 2001 and 2002, is on track to turning itself around, and is expected to make about 70 U.S. cents per share or $1.2 billion for 2003. The company's quality has improved, as noted by a 5 percent rise in the J.D. Power & Associates customer survey, while recalls dipped 40 percent and warranty payments dropped 10 percent. Additionally, the automaker is launching 65 new and revised Ford, Mercury and Lincoln vehicles within the next five years -- including a new Ford F-150 pickup truck, a new Ford Mustang, and a replacement for the Taurus called Futura.
"All these are signs that our plans are working and we're getting back on track," Ford said.
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| Ford is on track to turn itself around from the $6.4 billion loss in 2001-2002, with an increase in quality and 65 new or revised vehicles debuting in the next five years. (Photo: Ford Motor Company) |
As part of its turnaround plan, the company eliminated 18,000 jobs and has closed or is scheduled to close several plants in the U.S. and Mexico. Until the company's fortunes improve, Bill Ford will not receive a salary in 2003, repeating his no salary pledge in 2002, but will receive stock options (valued at $21.6 million) as compensation and reimbursements of his personal travel and security costs, around $188,000.
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| William Clay Ford Sr. and Jr. pictured above, and the rest of the Ford family, own roughly 5% of the automaker's common stock, and 40% of the voting stock . (Photo: Ford Motor Company) |
- Other things that happened during the shareholders meeting were: a proposal to create an independent committee to oversee possible conflicts between the rights of the Ford family died by about 20 percentage points. The Ford family owns roughly 5 percent of the automaker's common stock but controls 40 percent of the voting stock, and common shareholders.