Ford Chairman Awarded $10.5 Million for Last Year

Ford Motor Co. Chairman Donald E. Petersen was awarded $10.5 million for 1988, including $7.2 million in stock options, making him the leader in auto executive compensation so far, the company said today.

The nation’s No. 2 auto maker said in its proxy statement mailed to shareholders that Petersen received $3.3 million in salary and supplemental compensation, including bonuses and company contributions to savings and stock investment plans.

Ford President Harold A. Poling received $4.1 million--$2.6 million in salary and supplemental compensation and $1.5 million in exercised stock options.

Ford, the nation’s most profitable auto maker with earnings of $5.3 billion last year, said its board of directors’ compensation committee limited the total compensation for eligible officers to $250 million. The compensation plan permitted distribution of $375.1 million.

The difference, $125.1 million, will become part of the company’s general fund.

The United Auto Workers, which has been harshly critical of big executive salaries, bonuses and stock options, did not immediately comment on Ford’s announcement.

Three other Ford officers listed in the proxy statement, along with their salaries, supplemental compensation payments and stock options exercised, were: L. R. Ross, the executive vice president for North American automotive operations who was named today as executive vice president for international automotive operations, $3.5 million; Philip E. Benton, executive vice president and president of the Ford Automotive Group, $3 million; and Allan Gilmour, who today was appointed executive vice president for corporate staffs, $1.7 million.