Ford Ex-CEO Nasser Collected Almost $18 Million for 2001

Ford

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paid ousted Chief Executive Jacques Nasser almost $18 million in salary and stock options for 2001, an increase of 32% over the prior year despite the company posting massive losses, cutting its dividend and surrendering market share.

Nasser was forced out of the top spot last October during a year in which the automaker ended up losing more than $5 billion. The compensation is roughly in line with what he would have received if he had kept his job and met last year's performance goals, the company said.

On top of a $4.9 million salary, Nasser will receive the cash value of 350,000 Ford shares within 18 months from his departure date, or about $5.3 million at the company's current stock value. Nasser's 2001 compensation includes Ford stock options that the company estimates could be worth as much as $12.9 million if he held them until their expiration in March 2011.

William Clay Ford Jr., the family scion elected chief executive Oct. 30, 2001, received options to purchase 48,543 shares of common stock. He also received other annual compensation of $39,494 in 2001.