Ford CEO gets $22 million

Ford Motor Co. Chairman and Chief Executive Officer Bill Ford Jr. received about $22 million in compensation for 2004, a year that saw the automaker’s net income rise seven-fold.

In its annual proxy, the company disclosed on Wednesday that Bill Ford’s compensation included a stock option grant covering 1.58 million units with a strike price of $16.49, well above Ford’s close at $11.10 on Tuesday on the New York Stock Exchange.

The options, given in lieu of long-term incentives and due to expire in 2014, were valued at about $10 million.

Bill Ford was also awarded a 2004 bonus of $10.4 million and a salary of $1.5 million, both in restricted shares. He also received $266,173 in other compensation.

Bill Ford, whose great-grandfather founded Ford 100 years ago, has forgone a cash salary since the company ousted former CEO Jacques Nasser in 2001.

Ford saw its net income rise seven-fold to $3.48 billion in 2004 from $495 million in the previous year.

Ford said the bonus for President and Chief Operating Officer James Padilla more than doubled.

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The company boosted Padilla’s 2004 bonus to more than $2 million from $900,000 in 2003, while his salary rose slightly to almost $967,000 from $900,000 the prior year.

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Padilla was also awarded options to purchase 100,000 shares of common stock in long-term compensation, Ford said. He was awarded a bonus in the form of 246,696 shares of restricted common stock and received 50,000 restricted stock equivalents as a long-term incentive grant. Combined, those shares and stock equivalents have a fair market value of about $3.76 million.

Padilla also received a Long Term Incentive Plan award of $173,460, which was paid in unrestricted common stock for the 2002-2004 performance period, Ford said.

Padilla’s compensation for 2004 totaled about $7.6 million, according to the filing.