NEW YORK -- Ford Motor Co. Chairman and CEO Bill Ford Jr. bought 1.5 million company shares for $14.7 million after exercising some stock options, a company spokesman said on Thursday.

"The income for the transaction was $2 million," Oscar Suris said. "He is holding onto the shares."

Ford, who used personal funds to pay for the shares in his purchase on Wednesday, sold from several groups of stock options that he had accrued over the last few years, Suris said.

Ford, whose great-grandfather founded the automaker over 100 years ago, has forgone a cash salary since the company ousted former CEO Jacques Nasser in October 2001. He is typically compensated in stock options and shares of the company.

For last year's performance, the automaker's board awarded Bill Ford with 600,720 restricted shares valued at $7.5 million in lieu of a cash salary and a bonus of 240,288 restricted shares valued at $3 million.

As an incentive for future performance, Bill Ford was also awarded a long-term stock option grant covering 1.68 million shares with a strike price of $12.49.