Padilla to Serve as Consultant to Bill Ford

Ford Motor Co. says retiring Chief Operating Officer Jim Padilla will serve as a consultant to Chairman and CEO Bill Ford.

In a filing with the U.S. Securities and Exchange Commission, the auto maker reports Padilla will receive $592,080 annually in consulting fees, which he will receive in $148,020 installments every three months. His consultancy position will begin July 1, 2006, and end June 30, 2007.

Padilla is retiring from the auto maker on July 1 after 40 years of service.