Executives: Profit from Forfeit

When Semon E. ("Bunkie") Knudsen switched from a vice president's post at General Motors Corp. to president of archrival Ford Motor Co. last February, the main reason behind the move was that he had been closed out of G.M.'s presidency by Edward N. Cole. Already rich by inheritance and from his holdings in G.M. stock, Knudsen gave only a passing thought to the $700,000 in accumulated bonuses he was forfeiting by leaving G.M.

But, Multimillionaire Knudsen and his wife Florence have lost not a cent.

In the small type of Ford's newly released shareholders' proxy statement, a few lines explain that...

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