Ford unveiled a new plan to restructure its operations today and predicted a return to profitability—or at least break-even—by 2011, the Wall Street Journal reports. The plan calls for aggressive cost cutting and an increased focus on fuel efficiency. One of the costs on the chopping block? CEO Alan Mulally’s salary, which would fall to $1 per year if the company gets the $9 billion government loan it’s asking for.
Ford doesn’t foresee a liquidity crisis, but wants the government credit line as a “safeguard” against worsening conditions. “We want to come blasting out as a global, green, high-tech company ,” said Chairman William Ford Jr, adding that the recovery plan “isn’t just about slashing and burning, but about building for the future.” Some slashing may be necessary—the company will, for example, explore selling its Volvo brand.