Ford Motor Company will pay former chairman of HSBC Sir John Bond $25,000 (€19,700) a day to be a consultant to William Clay Ford Junior at a time when the auto maker is restructuring its business.

Sir John Bond, who stepped down as chairman of HSBC at the UK banking group's annual meeting in May, will be a consultant and senior adviser to Bill Ford, executive chairman of the US car company, according to a filing by the US company with the US Securities and Exchange Commission.