Ford Motor Co. has awarded nearly $100 million in stock to its top two executives, CEO Alan Mulally and Chairman Bill Ford, as a reward for the company’s strong performance.
The maker turned in a $6.6 billion profit, last year, its best earnings report since 1999, and a significant turnaround for a company that lost $31.4 billion between 2005 and 2009. Ford was, however, the only Detroit maker to avoid filing for Chapter 11 bankruptcy protection two years ago.
The maker’s stock has risen roughly 14-fold since it hit bottom, in 2008, though Ford shares were priced at $14.50 at midday Tuesday, down from a 52-week peak of $18.97, reflecting concerns about the Libyan crisis and the automaker’s weaker-than-anticipated fourth quarter.
Mulally was awarded 3.8 million shares of stock, priced at $14.76 a share, for a total of $56 million. William Clay Ford Jr. was presented 2.87 million shares, worth $42.4 million.
The two executives had to cover taxes, however, the company withholding $23 million in stock for Mulally, and $17 million in Ford’s shares.