DEARBORN, Mich., March 18 (UPI) -- Bill Ford Jr., great grandson of the Ford Motor Co. founder, refused a salary when he took over as CEO, but is in line for a $1.5 million bonus.
That word comes after the company said last week it would pay bonuses to 6,200 executives worldwide for the first time since 2001. The company also reinstated contributions to employees' 401(k) accounts.
Ford posted profits of $495 million last year after losing $6.4 billion in 2001 and 2002, the Detroit News said.
Bill Ford already owns 2.7 million shares of Ford stock, contributing to his family's 40 percent controlling interest in the company. Last year, the company awarded Bill Ford stock options valued at $21.6 million.
Ford froze the salaries of its top 53 executives for 2004 for the fourth consecutive year.
