Ford chairman and chief executive officer Bill Ford received about $US14.5 million in executive compensation for 2003, a year that saw the carmaker make its first net profit since 2001.

According to Reuters, in its annual proxy, the company said Bill Ford’s compensation included a stock option grant covering four million shares with a strike price of $US9.82, well below Ford’s market price.

The options, given in lieu of long-term incentives and due to expire in 2013, were valued at $11.5 million, the company reportedly said. The report noted that Bill Ford received $21.6 million stock options in 2002.

The proxy said Ford was also awarded two restricted stock grants, one of them in lieu of cash pay, that were each worth approximately $1.5 million, according to Reuters.

The news agency said Bill Ford has forgone a cash salary since he ousted former CEO Jacques Nasser, who led the company to a $5.45 billion loss in 2001.

The company reportedly said he intends to use his $1.5 million restricted stock bonus for tuition assistance for the children of Ford employees.