Ford releases annual report, progress statement in lieu of upcoming meeting

Jan. 1, 2020
Ford Motor Company continues to transform and position the company, and has tracked its progress in its 2007 Annual Report and notice of its 2008 Annual Meeting of Shareholders and Proxy Statement. The annual report and proxy statement were mailed th
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Ford Motor Company continues to transform and position the company, and has tracked its progress in its 2007 Annual Report and notice of its 2008 Annual Meeting of Shareholders and Proxy Statement.

The annual report and proxy statement were mailed this week to approximately 730,000 shareholders, and the proxy statement was filed with the U.S. Securities and Exchange Commission. The documents outline the company's performance in 2007, announce information about the company's annual meeting on May 8 and proposals to be presented there, as well as provide details of compensation for select corporate officers.

"The year 2007 marked a major turning point for Ford Motor Company," Ford Executive Chairman Bill Ford writes in the annual report. "We made significant progress toward our plan to return to profitability in North America and in our total operations in 2009. At the same time, we laid the foundation for future growth."

"To achieve profitable growth, we need to take advantage of every potential economy of scale and best practice we can find," President and CEO Alan Mulally adds. "In the months ahead, you will see more of the building blocks of the new Ford Motor Company start to emerge — as we work together to create a dynamic global enterprise growing profitably around the world."

During 2007, Ford made significant progress toward its transformation plan. All Ford automotive operations were profitable outside of North America, excluding special items, as was the company's Financial Services sector. Specifically, the company achieved a $10 billion year-over-year improvement in overall financial performance before taxes, positive total automotive operating-related cash flow, significant improvements in vehicle quality, further cost reductions and successful introductions of new products and innovative technologies around the world.

The improved performance and results also will be discussed during Ford's Annual Meeting of Shareholders, which is May 8, at the Hotel du Pont in Wilmington, Del.

In addition to information about the annual meeting, the 2008 proxy provides a detailed review of total 2007 compensation provided, granted to or received by five named executive officers during the year — based on the company's 2007 performance. Details include:
• Alan Mulally, Ford president and chief executive officer, earned $2,000,000 in salary and received incentive bonus awards of $7 million. Total 2007 compensation was $21,670,674, which includes salary, bonuses, the company-recognized expense for stock options and other stock-based awards, as well as all other compensation.

• Don Leclair, Ford executive vice president and chief financial officer, earned $1,005,633 in salary and received incentive bonus awards of $3 million.His 2007 compensation totaled $11,703,127.

• Mark Fields, Ford executive vice president and president, The Americas, earned $1,255,634 in salary and received incentive bonus awards of $2,850,000. His 2007 compensation totaled $8,389,898.

• Lewis Booth, Ford executive vice president, Ford of Europe and Premier Automotive Group, earned $868,133 in salary and received incentive bonus awards of $2,250,000. His 2007 compensation totaled $10,264,463.

• Mike Bannister, Ford executive vice president and CEO, Ford Motor Credit Company earned $708,700 in salary and received incentive bonus awards of $2,150,000. His 2007 compensation totaled $8,677,747.

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