Chairman cashes in on Ford’s rebound

Ford Motor Co. Executive Chairman Bill
Ford sold 3.4 million shares of common stock and options in the company for
about $28 million, filings show.

Ford also collected his first salary
in five years after honoring his pledge not to do so before the company
rebounded and returned to profitability, The Wall Street Journal reported
Saturday.

The automaker’s comeback paid off
handsomely for the great-grandson of founder Henry
Ford
.
He is to be paid $4 million in salary and $11 million to $12 million in stock
options accrued since 2008.

When the chairman made his pledge in
2008, the company’s board decided his salary would be deferred.

The automaker based in Dearborn,
Mich., has made a dramatic comeback after suffering $30 billion in losses for
2006-2008. It reported $2.6 billion in profit for the second quarter of 2010,
its fifth consecutive profitable one.

During some of the worst days of the
recession, Ford took out personal loans to buy $14 million in common shares in
the automaker as a sign of his confidence it would rebound.

This week, Ford sold 1.7 million in
common shares and 1.7 million in stock options. He retains 2.5 million shares
in common stock and 4 million in Class B shares, a type of stock owned by the
Ford family that gives it voting control over company matters, the Journal
said.

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