Business | Ford CEO receives $18 million bonus in lieu of an annual salary
by Dan Perkins
Posted 3/26/05, 12:00 am
Imagine heading up one of the nation's largest corporations, one with more than 300,000 employees, and not accepting a penny in salary for four years.
That's the case at Ford Motor Company where Bill Ford took over as chief executive in 2001 on the condition that his compensation be based on the performance of the company.
That plan paid off last week as the board of directors rewarded Mr. Ford with an $18 million bonus in stock grants and options after the company increased its revenues by more than $3 billion last year.