Bill Ford’s Pay Restored

Ford Motor Co. Executive Chairman Bill Ford Jr. will be paid $4 million in salary and in stock options valued at about $11.6 million, after going uncompensated since 2005.

The total represents what he would have earned over the past two years and was agreed upon by the auto maker’s compensation committee.

The Ford scion chose to work without pay until the company founded by his great grandfather was profitable once again. In July, the auto maker posted second-quarter net income of $2.6 billion, a fourth-straight profit and a result that raced past expectations.

In a filing with the U.S. Securities and Exchange Commission, Bill Ford says he plans to sell $28 million in shares to pay off personal loans used to purchase stock as a sign of confidence in the company.

In a statement emailed to employees today and obtained by Ward’s, Bill Ford says he “never doubted” Ford ultimately would return to profitability.

Additionally, he plans to make an additional $1 million contribution to the scholarship fund he established in 2005 for the children of U.S. Ford employees.

Bill Ford also hints at future profitability, noting the auto maker has a positive outlook “for the remainder of 2010 and 2011.”