Money | Ford Ford Unveils Plan, Seeks $9B Promises to be profitable by 2011 By Kevin Spak Posted Dec 2, 2008 11:08 AM CST Copied Unsold 2009 Ranger pickup trucks sit at a Ford dealership in Frederick, Dacono, Colo., Thursday, Nov. 27, 2008. (AP Photo/David Zalubowski) 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. Read These Next New Fox star, 23, misses first day after car troubles. White House rolls with Trump's 'daddy' nickname. Man accused of killing his daughters might be dead. Supreme Court ruling is a big blow to Planned Parenthood. Report an error