Ford Gives CEO Mulally 11% Raise to $23 Million
Ford CEO Alan Mulally (Photo credit: Michigan Municipal League)Ford Motor Co. paid total compensation of $23.2 million to CEO Alan Mulally last year, up from nearly $21 million in 2012.
Mulally's base salary was unchanged at $2 million in 2013. His award of $14.7 million in stock and options was slightly higher than the year before and perks of $662,000 were a bit lower.
Mulally's big gains came from performance and incentive bonuses. They zoomed 49% to $5.9 million last year as the company posted record pre-tax profits in North America ($8.8 billion) and the Asia Pacific Africa region ($415 billion). Ford's cash flow from automotive operations also swelled to a record $6.1 billion last year. Companywide, net earnings climbed 26% to $7.2 billion last year and revenue grew 10% to $146.9 billion.
Overall, Ford's compensation to its five highest-paid executives was $53.9 million-virtually unchanged from 2012, mainly because the value of their pensions was flat after big gains in 2011 and 2012. But the company says it bumped up the 2013 bonuses for Mulally, Executive Chairman Bill Ford Jr., COO Mark Fields, and President for the Americas Joe Hinrichs to reward their 'exceptional performance.'
Bill Ford earned a total of $12 million: a $2 million salary, $1.7 in bonuses and $6.8 million in stock and options. He also received $1.4 million in other compensation, including $972,000 for personal security.
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