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Even without a salary, Bill Ford earns $14.7m

Bill Ford, chairman and CEO of Ford Motor Co., earned $14.7m (£8.19m) in 2003, in stock options, despite forgoing a salary for a second full year.

He was awarded stock grants and options totalling nearly 4.6m shares plus "other" compensation of $174,361 (£97,139) for items such as tax reimbursements. His total package includes a bonus in the form of stock equivalents that convert to shares in March 2005.

He has said he will give the bonus, which has a current value of $1.5m (£835,000), to a tuition assistance programme which will benefit the children of Ford employees.

The Ford chairman has not taken a cash salary since becoming CEO in October 2001, opting instead to link his compensation with the performance of Ford stock.

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