Big bonus for Ford CEO, chair
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Manufacturing News, Source : TheManufacturer.com
Published : 15 Mar 2005 16:24
Chairman and CEO Bill Ford, the great-grandson of founder Henry Ford, has landed a bonus totaling $18 million made up of stock grants and options.
The stock-based compensation package was approved by the company’s board of directors last week and appeared in filings with the US Securities and Exchange Commission on Monday.
Bill Ford has refused to accept a salary since taking the top spot with the company in 2001. Last year, Ford gave much of his bonus to company employees for their children’s college tuition. On Monday he stated that he will repeat this contribution and will include local charities in the mix.
"This award from the board was in recognition of my 2004 performance, and I very much appreciated it," Bill Ford said in an e-mail to US employees Monday. "But funding scholarships for employees' children seems appropriate since in the end my performance is really a measure of your efforts."
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