Ford profit target on track

WILMINGTON, Delaware (Reuters) - Ford's <F.N> restructuring is on track to be completed without 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.

The annual meeting in Wilmington, Delaware, came just two weeks after Chrysler filed for bankruptcy protection and amid industrywide concerns that rival General Motors <GM.N> could follow Chrysler into court within weeks.

Ford 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.

Ford 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.

(Reporting by David Bailey, editing by Dave Zimmerman)

Article Published: 14/05/2009