Ford hikes compensation of Alan Mulally by 11 percent in 2013 to $23.2 million

Article by Christian Andrei, on March 31, 2014

Ford Motor Co. hiked the compensation of chief executive Alan Mulally by 11 percent in 2013 to $23.2 million after logging record earnings in North American and Asia. Mulally received $2 million in salary, $5.88 million in bonus and $15.3 million in stock, options and other compensation, Ford said in a regulatory filing.

In 2012, Mulally received $2 million in salary, $3.95 million in bonuses and $15 million in other compensation. Mulally, who said in January that he would remain at Ford through 2014, is credited with creating a more collaborative culture at the carmaker and with leading a turnaround that allowed it to avoid federal bailouts and bankruptcies that caught up with rivals General Motors and Chrysler.

Ford has earned a total of $42.3 billion in the past five years after losing an accumulated $30.1 billion from 2006 through 2008. “He’s worth every penny,” said Bernie McGinn, chief executive of McGinn Investment Management in Alexandria, Virginia, told Bloomberg. He added that while people forgot how difficult and revolutionary Mulally’s action was, Ford have had four years of good products and is winning.

According to the proxy filing with the US SEC, Ford’s top executives managed to achieve 112 percent of the targets set for them by the carmaker board of directs. Despite overperforming on pretax profit and cash flow goals, the executives only achieved 73 percent of cost targets, 65 percent of market share goals and 88 percent of quality targets.

The US carmaker posted $8.8 billion in record pretax profit in North America and $425 million in its Asia Pacific Africa region in 2013. Ford also doubled its quarterly dividend to 10 cents in 2013 and hike it to 12.5 cents in the first quarter of 2014. Earlier this month, Mulally received $13.8 million in stock as part of an incentive plan for 2013 performance. Since arriving at Ford in 2006, Mulally’s total payout has reached over $300 million.

Topics: ford, alan mulally

If you liked the article, share on:

Comments

Login or Create new account to add a comment!

Recommended

Volkswagen Group’s dieselgate saga continues, but it appears the German company would be able to get out of trouble, but it would not be unscathed. This development comes as Volkswagen...
by - January 22, 2017
When a car has been in the market for nearly six years, it loses some of its luster and its customers tend to go for the all-new model with a...
by - January 22, 2017
Remember Zenos Cars, a British carmaker that specializes in designing and building lightweight and high-performance sports cars? If you are wondering how the company is faring with their E10 lightweight...
by - January 21, 2017
Mercedes-Benz has revealed that in 2017, its series 124 coupé will be celebrating its 30th anniversary. While this itself is a significant event, it will also mean that this model...
by - January 21, 2017
BMW’s 550i xDrive has long been considered as one of the most successful business sedans in the world. For the brand, this may not be enough as it has officially...
by - January 20, 2017
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