DETROIT -- Ford Motor Co. granted Chairman and Chief Executive Officer Bill Ford Jr. $18 million in restricted shares and stock options in compensation last week, the automaker said on Monday.
For last year's performance, the automaker's board awarded Bill Ford with 600,720 restricted shares valued at $7.5 million in lieu of a cash salary and a bonus of 240,288 restricted shares valued at $3 million.
As an incentive for future performance, Bill Ford was also awarded a long-term stock option grant covering 1.68 million shares with a strike price of $12.49, Ford spokesman Oscar Suris told Reuters on Monday.
The options, a third of which will be exercisable in a year, were valued at $7.5 million, Suris said.
Bill Ford, whose great-grandfather founded Ford 100 years ago, has forgone a cash salary since the company ousted former CEO Jacques Nasser.
Ford saw its net income rise seven-fold to $3.48 billion in 2004 from $495 million in the previous year. The automaker will release details of compensation for its top executives in its annual proxy in April.
Bill Ford said he intends to donate his 2004 bonus, or $3 million. Half will go to a scholarship program he set up for the children of Ford's U.S. employees and the other half to local charities.
"This award from the Board was in recognition of my 2004 performance, and I very much appreciated it," Bill Ford said in a letter to employees on Monday. "But funding scholarships for employee's children seems appropriate since in the end my performance is really a measure of your efforts."