After a five-year wage freeze, Ford Motor Co. Executive Chairman Bill Ford is getting paid again.
The automaker said Friday that Bill Ford will be paid $4 million in salary and $11 million to $12 million in stock options -- the money he would have earned from 2008 to the present.
Bill Ford, the great-grandson of company founder Henry Ford, said in 2005 that he would stop taking a salary or bonus until the company returned to profitability.
Ford's compensation committee had ruled that Bill Ford could be paid from 2008 on when the company's automotive operations returned to profitability. The committee recently decided that condition has been met.
Ford reported a $2.6 billion profit in the second quarter, its fifth straight quarterly profit.