Ford Motor Co. (NYSE: F) to Pay Chairman Bill Ford for First Time in 5 Years

Ford Motor Co. (NYSE: F) said that it will pay Executive Chairman William Clay Ford Junior for the first time in five years as the company has finally returned to profitability consistently.

Ford, the great grandson of company founder Henry Ford, will receive $4 million in salary and $11 million to $12 million in stock options for his service between 2008 and 2008, reported the Wall Street Journal. The report said that Mr. Ford sold 3.4 million shares and stock options on Thursday, providing him $28 million in proceeds.

The move came more than five years after Mr. Ford said that he would not accept a salary, bonus or stock options until the auto manufacturer returned to sustained profitability. The company decided in 2008 that his salary would be deferred and not forgone entirely.

“Our Board of Directors’ Compensation Committee has determined that these conditions have been met — particularly in light of our recent second-quarter financial report and our outlook for the remainder of 2010 and 2011,” the Journal quoted Ford in his letter to employees Friday. “As a result, I will now begin receiving compensation, including compensation earned since the beginning of 2008.”

Ford Motor Company (Ford) is a producer of cars and trucks. Ford and its subsidiaries also engage in other businesses, including financing vehicles. It operates under two segments: Automotive and Financial Services. The Automotive segment includes the operations of Ford North America, Ford South America, Ford Europe, Ford Asia Pacific Africa and Volvo. The Financial services include the operations of Ford Motor Credit Company and Other Financial Services.

Shares of Ford Motor Co. (NYSE: F) traded up 0.46% hitting $13.04 during mid-day trading on Friday.