Ford's Mulally paid nearly $18M in cash, stock options, grants

[NINETY EIGHT REGENCY 135]

Ford's Mulally paid nearly $18M in cash, stock options, grants

Bryce G. Hoffman / The Detroit News

Dearborn -- Ford Motor Co. CEO Alan Mulally's compensation package totaled nearly $18 million, including stock options and grants in 2009, according to company documents released today, but he took a voluntary 30 percent reduction in his cash salary.

Executive Chairman Bill Ford Jr., meanwhile, continued to work without compensation.

Mulally's cash salary was $1.4 million, down from $2 million in 2008. He did not receive a bonus. But his total compensation increased to more than $17.9 million from just under $17 million in 2008. That figure was higher than initially reported, due to changes in accounting rules.

Bill Ford has received no compensation since 2005.

Ford spokesman Mark Truby said Ford, the great-grandson of Henry Ford, will continue to forego any compensation "until the board determines we've achieved automotive profitability for a full year."

The Dearborn automaker surprised Wall Street by posting a full-year profit of more than $2.7 billion for 2009, after years of staggering losses. But its global automotive operations remained in the red for the full year.

Compensation that Bill Ford would have received from 2008 on will be paid once the automaker is back in the black. His total compensation for 2009, including stock options and grants, will be $16.8 million.

None of Ford's top executives received a bonus for 2009.

Ford Americas President Mark Fields earned $1.3 million last year. His total compensation package was just under $4 million. Fields' salary was the same as in 2008, but his total compensation for that year was more than $4.6 million.

Ford Chief Financial Officer Lewis Booth was paid $1.2 million. His total package was worth $3.8 million. In 2008, his salary was just over $1 million and his total package was worth more than $5.4 million.

Ford of Europe Chairman John Fleming earned $750,000 in cash. His total compensation was $3.8 million.

Details of last year's executive compensation were contained in Ford's preliminary proxy, filed with the U.S. Securities and Exchange Commission this morning. That document also included details of shareholder proposals that will be voted on at the company's annual stockholder's meeting May 13 in Wilmington, Del.

They include a proposal asking shareholders to ratify a tax benefit preservation plan approved by Ford's board of directors in September. The plan is designed to protect the company's $17 billion in deferred tax benefits. There also was a perennial challenge to the Ford family's continued control of the company through their super-voting Class B shares.

From The Detroit News: http://www.detnews.com/article/20100322/AUTO01/3220374/1148/auto01/Ford-s-Mulally-paid-nearly-$18M-in-cash--stock-options--grants#ixzz0iudVbcNQ