Ford Motor : Awards Several Top Executives One-Time Retention Bonuses
By Christina Rogers
Ford Motor Co. has awarded one-time retention bonuses to four top executives, a move that comes as the No. 2 U.S. auto maker battles a languishing stock price, profit pressure and cooling sales in its core U.S. market.
The restricted stock bonuses pay out at the end of the decade.
Jim Farley, Ford's head of Europe, and Product Chief Raj Nair were each granted long-term stock incentives worth nearly $5 million at Friday's closing price earlier this week, according to documents filed with the Securities and Exchange Commission.
Ford's head of purchasing, Hau Thai-Tang, also received long-term incentives worth nearly $4 million, and Marcy Klevorn, the company's chief information officer, was awarded $2 million in restricted stock units, the filings show.
Ford didn't immediately return a request for comment.
The retention awards -- to be paid in 2020 -- come as the company's stock has tumbled nearly 40% since Chief Executive Mark Fields took over in mid-2014. Shares closed at $10.87 Friday.
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