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Ford to give ex-CEO options
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November 15, 2001: 7:13 a.m. ET
Nasser said to get stock options for 2001-2002 despite leaving company.
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NEW YORK (CNN/Money) - Ford Motor Co. has agreed to give former chief executive Jacques Nasser substantial stock options for 2001 and 2002, despite his departure from the automaker amid pressure from its board following the Ford-Firestone scandal, according to a published report Thursday.
Nasser, who left Ford Oct. 30 after a 34-month tenure, will receive options as if he had remained chief executive and met all of his performance goals, the Wall Street Journal reported, citing a Ford filing with the Securities and Exchange Commission.
A Ford spokesman would not disclose the amount Nasser will receive. But according to previous filings with the SEC, he is eligible to receive more than 617,000 "performance stock rights," which represent shares based on performance over a certain period, according to the Journal.
Ford will also give Nasser restricted stock, which provides the right to receive cash equal to the price of the shares 18 months after his retirement, as if he met all his performance targets, the paper reported.
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Nasser received 349,640 restricted stock units in 2000, but his 2001 amount will not be disclosed until Ford files its proxy statement in the spring, according to the Journal.
In addition, Nasser will receive his full salary for 2001. He earned $1.6 million in 2000, plus a $7.7 million bonus, the paper reported. Ford previously said company executives will not receive bonuses in 2001. 
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