Ford says CEO will work for $1 to get gov't loans - - Tyler, Longview, Jacksonville |ETX News

Ford says CEO will work for $1 to get gov't loans

The recovery plan Ford is presenting to Congress this week includes a return to a pre-tax profit or break-even in 2011.

And CEO Alan Mulally said he'll work for $1 per year.

All three Detroit automakers are scheduled to appear before congressional committees Thursday and Friday to seek a total of $25 billion in government loans.

The plan Ford is presenting also says it will cancel management employees' 2009 bonuses and will not pay any merit increases for North American salaried employees next year.

Other cost-cutting actions include a plan to sell Ford's five corporate aircraft.

Mulally says in an interview with The Associated Press today that Ford will emphasize cost cutting efforts with the United Auto Workers union. He says Congress will get many more details than it did when the automakers' CEOs appeared last month.

Copyright 2008 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

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