Ford Motor chairman and chief executive Bill Ford Jr. was granted total compensation of $US13.3m in 2005, down 40% from 2004 as he had made a commitment last May to forgo any new remuneration until the auto unit made sustained profits, according to Reuters.
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The automaker reportedly disclosed in an annual proxy that Ford was awarded a restricted common stock grant totaling $5.3m and stock options totaling $7.5m. He also received $466,755 in other compensation, including $297,201 in value for the use of the corporate aircraft.
Reuters noted that Bill Ford has foregone a cash salary since the company ousted former CEO Jacques Nasser in 2001.
In the proxy, the automaker reportedly said president and chief operating officer James Padilla, who will retire on 1 July, was granted compensation of $6.8m, while Americas president Mark Fields was granted $3.2m in 2005.
The company also said it will reduce its number of directors from 15 to 12, Reuters added.
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