News of April 11, 2001
Ford Proxy Reports Executive Compensation For 2000
DEARBORN, Mich. – Ford Motor Company filed its 2001 proxy statement with the Securities and Exchange Commission today. The statement outlines 2000 compensation for the top five executives of the company.
Bonus compensation for the five named executives listed in the proxy statement largely reflects Ford's budgeted pre-tax income, adjusted for performance against goals for corporate shareholder value added and automotive shareholder value added returns. Customer satisfaction results and Ford Motor Credit Company shareholder value added are also factors in the bonus formula.
The Compensation Committee of Ford's Board of Directors, which is composed of non-employee directors, determines compensation of the executives listed in the proxy statement. Nasser received $1,625,000 in salary and a bonus of $7,700,000 for 2000. For 1999, Nasser earned $1,500,000 in salary and a bonus of $6,722,000.
For 2000, Nasser also received other annual compensation of $2,722,612. This primarily represents cash dividend equivalents on Performance Stock Rights, Contingent Stock Rights and Restricted Stock Units awarded under the plan. In addition, Nasser received a total of $97,498 in matching contributions under Ford's salaried employee savings and stock investment plan (SSIP), and a separate company plan designed to offset IRS limitations relating to the SSIP.
Nasser's LTIP award and the awards for the other executives listed in the proxy statement represent the final awards for the 1997-1999 performance period. LTIP awards for the 3-year performance period ending in 2000 will not be determined until mid-year 2001. Long-term incentive compensation is based on the achievement of long-term corporate objectives set by the Compensation Committee. The final value of LTIP awards is dependent on the performance of Ford stock over time.
As of Dec. 31, 2000, Nasser held options to purchase 4,531,866 shares of common stock, including a 2000 grant of 10-year options to purchase 906,703 shares of Ford common stock at an exercise price of $22.73.
The 2000 compensation of the following company officers also is summarized in the proxy statement:
W. Wayne Booker, vice chairman, earned $3,311,766 for 2000. That total includes $805,000 in salary and $2,000,000 in bonus, as well as other compensation totaling $506,766, including $48,294 in SSIP matching contributions and related credits. Booker received an LTIP award of $2,133,968, which was paid in common stock. He was also awarded options to purchase 181,340 shares of common stock.
Richard Parry-Jones, group vice president for Global Product Development and Quality, earned $2,266,332 for 2000. That includes $532,083 in salary and $1,400,000 in bonus, as well as other compensation totaling $334,249, including $75,935 in SSIP matching contributions and related credits. Parry-Jones received an LTIP award of $1,066,960, which was paid in common stock. He was also awarded options to purchase 90,670 shares of common stock.
Wolfgang W. Reitzle, group vice president for Premier Automotive Group, earned $2,963,754 for 2000. That total includes $793,769 in salary and $1,750,000 in bonus, as well as other compensation totaling $419,985. He was also awarded options to purchase 108,804 shares of common stock.
Robert Rewey, former group vice president for Global Consumer Services and North America, earned $2,793,822 for 2000. That total includes $733,750 in salary and $1,750,000 in bonus, as well as other compensation totaling $310,072, including $44,022 in SSIP matching contributions and related credits. Rewey received an LTIP award of $1,778,267 payable in common stock. He also was awarded options to purchase 90,670 shares of common stock.
A proxy statement and proxy card are being mailed to Ford Motor Company common and Class B shareholders today. The 2001 Annual Meeting of Shareholders will be held at 10 a.m. (CT), Thursday, May 10, at The Fitzgerald Theater, 10 East Exchange St., St. Paul, Minn.
(April 10, 2001)