President, COO of Ford Sells Stock: 150,000 Shares Bring $1.2 Million
Posted on: Saturday, 18 March 2006, 06:00 CST
By Sarah A. Webster, Detroit Free Press
Mar. 18--Ford Motor Co.'s president and chief operating officer, Jim Padilla, sold $1.2 million worth of his shares in the auto company on Friday.
In a filing with the U.S. Securities and Exchange Commission, the company disclosed that Padilla, also a member of the board of directors, disposed of 150,000 Ford shares at $7.79 each.
According to the filing, Padilla, 58, retains at least 152,742 Ford shares, worth about $1.2 million Friday. Shares in the company closed at $7.81 on the New York Stock Exchange.
The carmaker would not comment about Padilla's sale.
"This is a personal decision, and we wouldn't comment on his personal business," spokeswoman Becky Sanch said.
Padilla sold his stock a week after he received a chance to hold more Ford shares. On March 10, Padilla got 888,889 Ford stock options, at $7.83 a share, and 231,166 restricted stock equivalents that will be converted into common shares on March 10, 2007.
So Padilla, Sanch noted, remains heavily invested in Ford.
In his current role Padilla is responsible for the global automotive business, overseeing marketing, manufacturing, engineering and other operations in more than 200 markets with 327,000 employees.
Padilla was born in Detroit. He holds bachelor's and master's degrees in chemical engineering and a master's degree in economics from the University of Detroit.
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Copyright (c) 2006, Detroit Free Press
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Source: Detroit Free Press
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