Ford’s Mulally Rakes in $13.8M Bonus After a Tremendous 2013
It’s bonus season again at Ford (NYSE:F), and to reward its fearless leader for what turned out to be an exceptional year, the company is giving CEO Alan Mulally a $13.8 million bonus for the automaker’s terrific performance last year. As per usual, the offering is in the form of restricted stock and therefore depends on its value on the day he sells it. The shares were worth $13.8 million at Thursday’s closing price of $15.67 per share.
Since his arrival at Ford in 2006, Mulally has been an integral part of pulling Ford out of the financial crisis and making the No. 2 U.S. automaker perhaps stronger than ever. Mulally’s championing of the Ford One plan has seen its losses minimized, its market share upped, and its profits reaching record levels. Mulally also received $3.3 million in shares after taxes, which vest fully this week, based on 2011 equity awards.
In total, he now owns enough Ford common stock to be worth $96.9 million at Thursday’s closing price. For those who feel that Mulally was paid far too much, Ford urges that his bonus and pay package were kept in line with the value that he brought to the company.
“We remain committed to aligning executive compensation with the company’s business performance and to tying a significant portion of executive compensation to long-term shareholder value,” the company said in a statement.