Ford Motor Co. boosted the compensation of chief executive officer Alan Mulally by approximately 10% in last year to $23,204,534 from the $20,955,806 he earned during 2012, according to the company annual proxy statement, which was filed with Securities Exchange Commission.
Mark Fields, Ford chief operating officer, got a 20% bump in salary to $10.370,578, while executive chairman William Clay Ford Jr., took a pay cut as his salary dropped to $11,955,829 from $14,836,013. The drop was followed a $3.2 million drop in Ford’s deferred compensation, which fell to zero in 2013.
Robert Shanks, Ford’s chief financial officer, saw his 2013 compensation also dropped by 20% to $4,089,621 as the deferred compensation fell to zero last year from $1.9 million in 2012.
In the proxy statement, Ford said the compensation figure includes salary, cash bonuses and stock awards and options. Ford also noted that as whole Ford executives over achieved last year reaching 112% of the performance targets as the company posted record profits of $8.6 billion and market share gains in critical places such as the United States and China.
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Fiat Chrysler Automobiles and General Motors haven’t released compensation figures for key executives but FCA Chairman Sergio Marchionne’s total compensation could reach $30 million while GM’s Mary Barra is expected to receive $14.4 million in salary, bonuses and stock grants.
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In all, Mulally now owns the rights to more than 6.4 million shares of Ford stock, which is valued at more than $99 million at today’s prices. Virtually all of the Ford stock was acquired since Mulally joined Ford as CEO in 2006.
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Ford also disclosed stock grants to more than a dozen other executives and directors. That included $6.5 million for Chairman Bill Ford, $3.2 million for Chief Operating Officer Mark Fields, and $2.2 million for Joe Hinrichs, Ford’s President of the Americas. Those figures are based on current stock prices, though much of that stock isn’t immediately available for sale.
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