Ford CEO got $13.3 mn in '05
Ford Motor Co Chairman and Chief Executive Bill Ford Jr was granted total compensation of $13.3 million in 2005.india Updated: Apr 08, 2006 11:24 IST
Ford Motor Co Chairman and Chief Executive Bill Ford Jr was granted total compensation of $13.3 million in 2005, down 40 per cent from 2004 as he had made a commitment last May to forgo any new remuneration until the auto unit made sustained profits.
The automaker disclosed in an annual proxy that Ford was awarded a restricted common stock grant totaling $5.3 million and stock options totaling $7.5 million. He also received $466,755 in other compensation, including $297,201 in value for the use of the corporate aircraft.
Bill Ford, whose great-grandfather founded Ford 100 years ago, has foregone a cash salary since the company ousted former CEO Jacques Nasser in 2001.
In the proxy, the automaker said President and Chief Operating Officer James Padilla, who will retire on July 1, was granted compensation of $6.8 million, while Americas president Mark Fields was granted $3.2 million in 2005.
The company also said it will reduce its number of directors from 15 to 12.