Ford Motor Co's
seeking emergency government bridge loans and to bring a profit as soon
as 2011, executives told stockholders on Thursday.
Ford shareholders also approved the automaker's funding plan for a
healthcare trust for United Auto Workers union retirees and knocked
down shareholder requests to change the company's voting structure and
allow a smaller percentage of stockholders to call for special meetings.
annual meeting in Wilmington, Delaware, came just two weeks after
Chrysler filed for bankruptcy protection and amid industrywide concerns
that rival General Motors Corp
Executive Chairman Bill Ford said the industry environment was the
toughest he had seen in his three decades in the industry and he
remains confident of the automaker's restructuring plan that has been
overshadowed by the downturn.
We are making great progress, Chief Executive Alan Mulally said of the automaker's road to profitability.
is the only U.S. automaker not operating under U.S. government
emergency loans and expects to be able to steer clear of the industry
collapse now swallowing GM and Chrysler as long as it is orderly.