Ford chairman sells 16% of shares
From Times Wire Services
Ford Motor Co. Chairman William Clay Ford Jr. sold 1 million shares for an average of $5.05 each, according to a U.S. regulatory filing.
Bill Ford, 51, sold the shares to retire debt incurred in exercising stock options, a company spokesman said. The chairman, who was chief executive from October 2001 to September 2006, declined a salary during that period and received stock options instead.
Bill Ford now directly holds 4,956,971 common shares, according to the filing. Accounting for the 398,920 shares held indirectly, the sale represents 16% of his common shares.
