Ford CEO Alan Mulally was awarded $1.95 million in stock for 2008 performance

Article by Christian Andrei, on March 16, 2011

Ford Motor Co. revealed in a federal filing that CEO Alan Mulally was awarded $1.95 million in stock one week after giving him $56.5 million in shares. This latest award for Mulally is in the form of stock grants that vested March 11. This was for Mulally’s performance in 2008, when the second-largest U.S. automaker had a record $14.8 billion loss.

John Stoll, a company spokesman, said that Mulally’s 2010 salary and benefits will be released in a proxy report in the next few weeks. Stoll said that Mulally’s leadership is widely regarded as “extraordinary," and so his compensation is reflective of Ford's goal of retaining a world-class CEO.

In 2006, Mulally joined Ford from Boeing Co, says Autonews. He was successful at turning around the company with his emphasis on quality and his plans to expand the lineup with small cars such as the Fiesta subcompact. In the last two years, Ford earned $9.28 billion after $30.1 billion in losses from 2006 through 2008.

On March 3, Ford paid Mulally unrestricted stock worth $56.5 million and gave Executive Chairman Bill Ford unrestricted shares valued at $42.4 million.

Some of the stock awards were withheld by Ford to cover their income taxes. Less taxes, Mulally got $33.4 million and Bill Ford got $25.1 million.

To cover income taxes, Ford also withheld some stock from Mulally's 2008 award, leaving him with $1.16 million after taxes. Stoll said that if Ford had not been able to achieve the strong results than the value of stock grants would have been much lower. He also said that it’s possible that there wouldn’t have been any payments.

Topics: ford, ceo

If you liked the article, share on:

Comments

Login or Create new account to add a comment!

Recommended

Nearly a decade after Opel and sister brand Vauxhall introduced the Insignia large family car, these companies are now getting ready to unveil the second generation of this offering from...
by - December 7, 2016
After we caught a glimpse of the revamped Amarok, VW Australia once again wants to give its ute a sinister look inspired by the Mad Max movie franchise. The “Korama”...
by - December 7, 2016
Customers in the European market are known for leaning towards style and with this in mind, Nissan has revealed the special LEAF Black Edition. While the production run of this...
by - December 7, 2016
When Volkswagen unveiled the VW Atlas, it declared that this SUV is being developed for the United States and is set to arrive as a 2018 model. It also unveiled...
by - December 7, 2016
Did you miss the opportunity to get a brand new Dodge Viper? Well, here’s something you don’t want to miss. Dodge has announced a “final call” for orders for its...
by - December 6, 2016
Facebook

Youtube Channel

Tip Us
Do you have a tip for us?
Did you film an important event?
Contact us
Newsletter
Subscribe to our newsletter!
Subscribe
Galleries