After years without a paycheck, Bill Ford Jr., the namesake chairman of Ford Motor (F), is finally getting paid. The automaker disclosed Friday that the great grandson of Henry Ford will receive a salary of $4.2 million, which had been deferred for more than two years until the company returned to profitability.

After a painful restructuring that resulted in job cuts and the sale of the company's European luxury brands, Ford reported its first profit in three years last year, earning $2.7 billion in 2009. In the first half of this year, Ford has earned $4.7 billion.

Ford spokesman Mark Truby told the Detroit Free Press that based on Ford' Motors recent financial performance, the board of director's compensation committee, in a meeting two days ago, recommended that Ford be paid.

"[Ford's] acceptance of the compensation committee's decision reflects his confidence in the future and is a sign of the progress that we have made," Truby told the newspaper. "He made this pledge and he was determined to stick to it until we were not only profitable but until we were on track for sustained profitable growth."

Ford vowed five years ago that he would forgo any compensation until the company was profitable again. He then personally borrowed money to buy about $14 million in stock options, according to Bloomberg News. In a regulatory filing Friday, the company reported that Ford sold 3.5 million shares of common stock for a total $45.7 million. He sold about half of the 3.5 million shares for $22.7 million, while the other 1.8 million shares were options he exercised and sold for $23 million, netting $5.7 million.

"Don't forget that the company hasn't been paying dividends," Joe Phillippi, principal at Auto Trends, a consulting firm in Short Hills, N.J., told Bloomberg. "It's not surprising that he wanted to take a little money off the table."

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bolten2

Wish I could do nothing for 2 years and get 2.7 million for it.

August 07 2010 at 10:05 AM Report abuse -2 rate up rate down Reply
Jen

Great job, Ford! Bill, you deserve it! Don't mind the multimillion dollar bonuses GM paid out after bail outs? Don't mind their union officials getting their cut from the Obama bailouts as payback for their votes?

August 07 2010 at 5:47 AM Report abuse +3 rate up rate down Reply
time1910

that´s ok.. hope to see dividends soon

August 07 2010 at 5:42 AM Report abuse +1 rate up rate down Reply
tresboonekhood

WWW all parts are of the united oboss mans auto union of people ya can't fire no matter how bad the work they do is! i have nepotism in union families as well as government we all fly united, delta & south west daily airs Faa sb 1070 9010 bs

August 07 2010 at 1:58 AM Report abuse -1 rate up rate down Reply
xtrees130

Congrats. to Ford . They made some tough decisions in order to save the company and NOT turnover ownership to President Barack Hussein Obama and our government.

August 06 2010 at 11:13 PM Report abuse +4 rate up rate down Reply
socialeconomist

does this mean he is giving up the $25 million dollar a year expense account ?

August 06 2010 at 9:22 PM Report abuse -3 rate up rate down Reply
cdubiously

I respect Ford for being a large company not to take a bailout from the government. Leading by example Mr. Ford cut the pay of management at Ford and as this article says...he vowed not to take a paycheck until Ford was in the Black and profitable. Mr. Ford has money and isn't on food stamps, but at least he leads by example, something other car companys' management would not think of doing and didn't do. Instead, they kept on drawing a paycheck and asked the federal government(taxpayers) for bailouts. Congratulations Ford! Keep up the good work! With integrity and honor, you have taken responsibility of a problem and came up with a plan of action to get out of debt...something our government could learn from. How about our government lead by example and not take a paycheck, or if you are not a millionaire congressman...don't take a raise in pay, or cut the government perks until our country is in the black? I don't see those long-term congressman making any personal or professional sacrifices. They are spending taxpayer money like there was no economy or jobless problem. Quietly giving themselves raises every year for the great job they are doing! They run this country like GM and we have to suffer the consequences, not them. Both parties are guilty of the situation our country is in...overall, they have been managing our country with corruption and dishonor. By-passing our checks and balances through lies or omissions that cleverly cloak their true intentions. I have no respect for self-seeking corrupt management that use their position of power to fill their golden parachutes and self-interests...not thinking of all the hard working people(that helped pay their salaries) who will suffer when the company or this country goes under.

August 06 2010 at 9:15 PM Report abuse rate up rate down Reply
abbnormalru

Like he needs the money

August 06 2010 at 8:14 PM Report abuse -3 rate up rate down Reply
ljg6165

I DO NOT THINK THAT BILL FORD WAS ON FOOD STAMPS. WONDER WHEN FORD MIGHT RESUME PAYING DIVIDENDS. SALARIED RETIREES TOO A BIG HIT LOSING THEIR MEDICAL BENEFITS.

August 06 2010 at 6:25 PM Report abuse rate up rate down Reply