First Quarter of 2003 Profitable for Ford Despite Troubled Times
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| Bill Ford Jr. didn't take a salary during 2002 to offset falling profits. (Photo: Ford Motor) |
Instead of receiving a salary, Ford chairman and chief executive Bill Ford Jr. was given $31.3 million ($21.6 million USD) in stock options for 2002, reported Reuters on Monday.
Ford commented that none of its five highest paid executives received merit increases or bonuses in 2002 due to a company loss of approximately $1.4 billion ($980 million USD). In addition, stock prices fell by 42%, Reuters noted.
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| Bill Ford (c) Chairman and CEO, Ford Motor Company along with Allan Gilmour (L), Ford vice chairman and chief financial officer and Nick Scheele, President and COO and member of the board, Ford Motor Company announce Ford's 2002 fourth-quarter and full-year financial results. Ford Motor's operating results improved by $1.7 Billion vs. prior year. Maybe Ford exec's will get a salary in 2003. (Photo: Ford Motor) |
Nevertheless, top executives did see some incentives. Vice chairman Carl Reichardt was paid roughly $10.6 million ($7.3 million USD), $9.86 million ($6.8 million USD) of which is a restricted form of stock. And, Nick Scheele, Ford chief operating officer, obtained $14.7 million ($10.2 million USD), as well as $11.6 million ($8 million USD) in options.