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Ford chairman declines pay

Ford Motor chairman and CEO William Clay Ford announced at yesterday’s annual meeting that he will not accept a salary, bonus or stock compensation until the company restores the profitability of its automotive business.

He has not collected a cash salary since he became CEO in 2001, though he was awarded stock options, restricted stock and other compensation valued at $22m (£11.8m) last year.

The carmaker, its stock downgraded to below investment grade last week, is currently preparing to negotiate employee cost reductions with the UAW and battling with the debt problems of its key supplier, Visteon.

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