Ford’s new chief executive, Alan Mulally, is being paid a one-time fee of US$18.5m to join Ford, and will receive an annual salary of US$2m, according to Reuters, which cited a filing with the US Securities and Exchange Commission.
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The sign-on fee comprises a hiring bonus of US$7.5m and US$11m to offset the loss of payments Mulally would have received if he had continued as head of Boeing’s commercial plane division.
The new head of Ford has also been granted stock options worth around US$10.5m and US$5.26m in restricted stock grants, and is entitled to a payment of US$11m if the automaker replaces Mulally as CEO before 2011.
At Boeing, Mulally was awarded a package of around US$9.96m in 2005, according to Reuters.
GM’s chief executive, Rick Wagoner, made around US$5.5m in 2005.
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