Ford paid ousted chief Nasser £3.4m

The Ford Motor Company paid its former president and chief executive, Jacques Nasser, $4.9m (£3.4m) in salary and other compensation during 2001, even though he was forced out of his job in October after failing to reverse a steep slide in the car maker's fortunes.

A close analysis of figures submitted by the company to the Securities and Exchange Commission yesterday shows that if stock options granted to Mr Nasser in 2001 are also taken into account his entire package could end up being worth an astonishing $17.8m.

Mr Nasser was effectively ousted on 29 October last year after he struggled to overcome multiple problems including slipping sales and market share in North America as well as a scandal involving sports utility vehicles flipping over and defective Firestone tyres.

In August 2000, Bridgestone/Firestone recalled 6.5 million tyres fitted onto Ford Explorers. Already, however, the safety of the Ford vehicles had been called into question.

Mr Nasser was replaced by William Clay Ford Jr, the great-grandson of founder Henry Ford, who promised to accept no cash salary for the job. Mr Ford was instead awarded options to buy 48,543 shares of common stock in November and December.