DEARBORN, Mich. — Alan R. Mulally’s compensation for 2011 was worth $29.5 million, the most in his six years as chief executive of the Ford Motor Company, the automaker disclosed in a regulatory filing Friday. þþþMr. Mulally’s earnings included $2 million in salary, $5.5 million in bonuses, and stock and option awards valued at about $21.4 million. The total value of his compensation rose 11 percent last year, when Ford earned $20.2 billion in net income. þþ“We had a very good year last year,” Jay Cooney, a Ford spokesman, said. “The compensation committee felt that our exceptional performance in 2011 merited these compensation awards.” þþFord’s executive chairman, William Clay Ford Jr., received compensation worth $14.5 million in 2011, 45 percent less than the previous year. He earned a $2 million salary, down from $4.8 million, and fewer stock and option awards. þþAll of Ford’s top executives got smaller bonuses than in 2010 because even though profits increased significantly, the company fell short of some targets for the year, including those measuring vehicle quality and market share. Ford broke a string of quality improvements in 2011 as problems with a new touch-screen system translated to poor ratings in a number of surveys. þþFord’s departing chief financial officer, Lewis W. K. Booth, who is retiring effective Saturday, earned $7.7 million, down 6 percent. Mark Fields, who runs Ford’s Americas division, earned $8.8 million, about the same as in the previous year. þþMr. Mulally’s pay has been a sore subject for Ford’s unionized employees, which agreed to concessions as the company was losing billions of dollars and he implemented its turnaround plan. þþAlthough many observers attribute Ford’s recent success to Mr. Mulally’s actions, last year’s compensation increase is sure to renew complaints from rank-and-file workers, particularly among so-called second-tier workers who earn as little as $15 an hour. The president of the United Automobile Workers union, Bob King, has called Mr. Mulally’s pay “morally wrong.” þþSince leaving Boeing to become Ford’s top executive in 2006, Mr. Mulally has received salary and bonuses totaling $37 million, though about half of that amount was paid in his first few months on the job. Under Ford’s long-term incentive plan, he also has received stock worth more than $100 million for the company’s performance in 2008 and 2009. þþMr. Cooney noted that Ford has posted three consecutive annual profits under Mr. Mulally’s leadership, and it has reduced its debt by $27 billion the past two years. It also avoided having to join its domestic rivals, General Motors and Chrysler, in filing for bankruptcy. þþShares of Ford stock, worth as little as $1.58 in the depths of the 2009 recession, were worth $12.57 as the markets opened Friday. Ford this month ended a five-year suspension of its quarterly dividend, paying out 5 cents a share on March 1. þ
Source: NY Times
