DEARBORN, Mich. - The pay package for Ford chief executive Alan Mulally rose 11 percent last year to $29.5 million, or a little more than $5 for every vehicle sold.
Mulally earned $2 million in salary, up 43 percent from 2010, and stock awards valued at $13.9 million, up 86 percent from the prior year. But his performance bonus dropped 42 percent to $1.8 million because Ford fell short of market share and quality targets in some areas. Mulally also received $612,587 in perks and other compensation for things like the use of a jet and a car and driver.
Despite rising commodity costs and charges for a big expansion in Asia, 2011 was the company’s third straight profitable year.
Mulally’s compensation was the highest since 2006, the year he was hired from Boeing Co. to turn around Ford. He made $39.1 million that year thanks to a performance bonus and compensation for leaving the Chicago-based airplane maker.
Mulally was one of the highest paid chief executives in the United States in 2010.
That angered some Ford factory workers. United Auto Workers president Bob King has called his compensation level “morally wrong.’’ Mulally defended his pay in an interview last fall with the Associated Press, saying most of it is tied to the performance of the company’s shares.