Ford Motor Co. Chair Bill Ford acquired almost 2 million shares of the company for about $20.5 million through the exercise of stock options.
The great-grandson of founder Henry Ford chose to use cash to pay exercise costs on the options rather than sell some of the resulting shares, according to a regulatory filing.
The transaction leaves Ford, 64, with about 20 million shares, including restricted stock. That total also includes about 15 million of the founding family's special class of super-voting stock. His holdings would be worth about $400 million based on Ford's latest price.
The automaker's shares hit a 20-year high last month, with investors rewarding the company for a more-aggressive push into electric vehicles under CEO Jim Farley. Since Farley became CEO 14 months ago, Ford shares have risen nearly 200 percent, closing Wednesday at $19.81.
"The decision to exercise these options to purchase almost 2 million shares of common stock reflects Bill's confidence in the future of the company and our plan to create tremendous value for all of our stakeholders," Ford Motor said in an emailed statement.