Ford Motor Company has rewarded chairman and chief executive Bill Ford with a variety of stock grants and options valued at roughly $US18 million as part of his bonus for the automaker’s 2004 performance and a long-term compensation package, the Associated Press (AP) reported.
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AP noted that Bill Ford, the great-grandson of founder Henry Ford, has refused to accept a salary since taking the helm of the company in 2001.
His 2004 compensation package reportedly included shares of restricted stock with a grant value of $7.5 million, nearly 1.7 million options to buy Ford stock in the future – also with a $7.5 million grant value – and a bonus of restricted stock equivalents valued at $3 million.
A Ford spokesman told the Associated Press the stock options, which will vest over three years, are part of Bill Ford’s long-term compensation package.
His compensation package for 2003 included stock options valued at about $14.6 million at the time and a bonus in the form of restricted stock equivalents worth $1.5 million when they were awarded, AP added.
According to the report, Bill Ford last year pledged to give that bonus to company employees for their children’s college tuition, and he said on Monday he’ll give another $1.5 million to the scholarship fund when the latest stock equivalents are tendered next year. Ford pledged to give the remaining $1.5 million from the stock equivalents approved last week to local charities.
The Ford spokesman told AP that Jim Padilla, the nearly 40-year Ford veteran who was promoted to president earlier this year, received a 2004 stock-based compensation package and bonus valued at $6.8 million.
