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.

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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.