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US:Ford COO's 2004 bonus more than doubles

Ford COO's 2004 bonus more than doubles


CHICAGO -- Ford Motor Co. on Wednesday said the bonus for President and Chief Operating Officer James Padilla more than doubled.

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, the company said.

He also was awarded options to purchase 100,000 shares of common stock in long-term compensation, Ford said. In addition, 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. He also exercised option grants covering 82,499 shares with a realized value of $686,000, at the same time retaining 29,849 of those shares.

My first car was a 67 Mustang Coupe, 2nd one was a 67 Cougar XR-7, 3rd one was a 66 Mustang Coupe. Why did I get rid of these cars for ? I know why, because I'm stupid, stupid, stupid.

My next Ford.....
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