Ford chief executive Alan Mulally’s pay package rose almost 6% to US$17.9m in 2009 as the automaker returned to profitability and won union concessions.
Mulally received a 2009 salary of US$1.4m, down 30% from $2m a year earlier, the Wall Street Journal said, citing a Securities and Exchange Commission filing. The paper said He took that reduction voluntarily in exchange for cost concessions from union workers, received no bonus for 2009, but his stock and option awards grew to $16.5m from $13.93m. He had other compensation of $491,869 in 2009, down from $1m in 2008.
Go deeper with GlobalData
Discover B2B Marketing That Performs
Combine business intelligence and editorial excellence to reach engaged professionals across 36 leading media platforms.
The increase reflects Mulally’s progress in turning around the automaker and avoiding government bailouts and bankruptcy court, unlike General Motors and Chrysler, the WSJ noted. Ford reported an annual profit of $2.7bn in 2009, its first in four years.
The pay raise also came as Ford sought further cost concessions by the United Auto Workers union and paid thousands of its more highly compensated employees to leave their jobs.
In a statement, Ford said executive vice president and chief financial officer, Lewis Booth, earned $1.2m in salary and no cash bonus. His total listed compensation – including the grant date value of long-term stock options and other stock-based awards – was $3.8m.
Executive vice president, global manufacturing and labour affairs, and chairman of Ford Europe, John Fleming, earned $750,000 in salary and no cash bonus. His total listed compensation – including the grant date value of long-term stock options and other stock-based awards – was $3.8m.
