Ford changes how executives' benefits tied to auto shop bills
According to Jim Mateja of the Chicago Tribune, the recent 8-K form Dearborn filed with the Securities and Exchange Commission altered one of the factors that determines executive stock bonuses. In years past, that factor: "high time in service improvement," translated to how much repair work costs owners after three years. Or at least it did... now that span has been shortened to just three months of ownership. The net effect is that bonuses will be based on keeping new vehicles out of repair facilities as much as possible. Ford is saying that it is implementing the policy to keep its executives focused on the company’s goal of customer satisfaction.
Ford Chairman and CEO Bill Ford Jr., will not be affected by the change, as he's already vowed not to take any form of compensation until the company is profitable again in North America.
[Source: Chicago Tribune]
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