Ford Motor CEO Mulally gets nearly $12 million in performance bonuses

Tue Mar 5, 2013 8:16pm EST
 
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DETROIT (Reuters) - Ford Motor Co (F.N: Quote) Chief Executive Alan Mulally this week was awarded performance bonuses worth nearly $12 million, Ford disclosed to U.S. regulators on Tuesday.

The amount Mulally makes from the shares depends on their value on the day he sells them. They were worth $11.7 million based on Tuesday's closing price of $12.88.

Ford also said Mulally received $7 million of shares that became fully vested this week, based on 2010 equity awards.

In addition, Mulally was awarded 745,526 shares in stock options with a strike price of $12.75 a share, which was Monday's closing price for Ford stock.

Ford filed documents with the U.S. Securities and Exchange Commission on Tuesday showing the stock awards for Mulally and other Ford executives.

Mulally, 67, has led the turnaround of the No. 2 U.S. automaker since he became chief executive of a then-struggling company in 2006.

Ford lost $30 billion between 2006 and 2008, and its share price reached $1.01 in late 2008. Last year Ford made a net profit of $5.7 billion, its fourth straight year in the black.

"We are committed to aligning executive compensation with the company's business performance and to tying a significant portion of executive compensation to long-term shareholder value," said Ford spokesman Jay Cooney.

Mulally's 2012 pay will be revealed later this month. In 2011, Mulally was paid $2 million in salary and $5.5 million in cash bonuses in addition to stock options and equity awards.   Continued...

 
Ford Chief Executive Officer Alan Mulally arrives for his company's press availability at the North American International Auto Show in Detroit, Michigan January 15, 2013. REUTERS/Rebecca Cook