DETROIT - Ford Motor Co. paid ousted CEO Jacques Nasser $4.9 million in salary, bonus and other compensation last year, down from $12.1 million in 2000.
Cash compensation of Ford's top five executives dipped 60 percent in 2001 compared with the previous year, primarily because bonuses are not being paid, Ford said in its annual proxy statement filed last week.
The company's top 18,000 salaried employees got no bonuses in 2001 because the formula is tied to annual operating profits. Ford lost $5.45 billion last year.
In addition, the top 350 company executives will not receive long-term incentive pay this year, Ford said Tuesday, April 9. That compensation is linked to Ford's stock performance.
CEO Bill Ford Jr. received no cash salary, the proxy said. Bill Ford was awarded options to purchase 48,543 shares of common stock for his role as CEO in November and December 2001. He received other annual compensation of $39,494 in 2001. In addition, Bill Ford was paid a fee in restricted shares of common stock for his role as chairman in 2001, before his appointment as CEO on Oct. 30.
Ford's proxy details the following salary, bonus and other compensation for its top five officers.
In addition, the five executives received common stock options:
Nasser, 1,375,000 shares; Booker, 175,000 shares; Reitzle, 150,000 shares; Scheele, 45,000 shares; Winkler, 60,000 shares.