Reuters / April 7, 2006 - 10:00 am / UPDATED: 4/7/06 11:00 AM
DETROIT -- Ford Motor Co. CEO Bill Ford was granted total compensation of $13.3 million in 2005, down 40 percent 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.
Strong competition, soaring health care and raw material costs, and a slide in U.S. market share led Ford to announce a second restructuring for its North American operations in four years.
Saddled with a junk debt rating and facing a sharp drop in U.S. market share, Ford's restructuring plan, dubbed "Way Forward," is designed to reverse a $1.6 billion loss last year in its North American operations.
In the proxy, the automaker said COO Jim 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.
Fields' compensation included a $1 million cash retention bonus to ensure that he stays with the automaker at least until October 2007.
The company also said it will reduce its number of directors from 15 to 12.
Two directors, Carl Reichardt and Marie-Josee Kravis, have decided not to run for re-election in the upcoming annual meeting on May 11, the company said.
Padilla also will not run for re-election, according to the proxy.
DETROIT -- Ford Motor Co. CEO Bill Ford was granted total compensation of $13.3 million in 2005, down 40 percent 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.
Strong competition, soaring health care and raw material costs, and a slide in U.S. market share led Ford to announce a second restructuring for its North American operations in four years.
Saddled with a junk debt rating and facing a sharp drop in U.S. market share, Ford's restructuring plan, dubbed "Way Forward," is designed to reverse a $1.6 billion loss last year in its North American operations.
In the proxy, the automaker said COO Jim 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.
Fields' compensation included a $1 million cash retention bonus to ensure that he stays with the automaker at least until October 2007.
The company also said it will reduce its number of directors from 15 to 12.
Two directors, Carl Reichardt and Marie-Josee Kravis, have decided not to run for re-election in the upcoming annual meeting on May 11, the company said.
Padilla also will not run for re-election, according to the proxy.
