Ford CEO Mulally earned $28M in ’06
Ford Motor Co.’s sales may be suffering, but Ford’s executive compensations certainly are not.
With the domestic auto industry limping through the most brutal stretch in its 100-year history, the Dearborn, Mich.-based car company shelled out more than $28 million to Alan Mulally after just four month as Ford’s top executive, according to a regulatory filing Thursday.
Mulally, who left Boeing Co. following 37 years on the job, received $666,667 in salary since September.
That goes along with his $7.5 million hiring bonus and $11 million to offset the loss of compensation he would have received for performance and bonuses at his former employer.
Add to that, more than $8 million in options and other stock-based awards.
Mulally grew up in Lawrence, graduated from Lawrence High School and earned engineering degrees at Kansas University.
And Mulally’s not the only Ford executive lining his pockets as top U.S. car manufacturers shed thousands of blue-collar jobs in an effort to bring costs in line with earnings.
Former Chief Executive Officer and Executive Chairman Bill Ford Jr. took in almost $10.5 million in previous options and stock awards despite his move to forego a cash salary and bonus.
Mark Fields, Ford president of the Americas, earned $5.6 million, which included $517,560 for the personal use of the company’s private plane, a perk he no longer claims.
Lewis Booth, who leads Ford’s European operations, and Chief Operating Officer Don Leclair both pocketed more than $4 million.
Ford, pushing through a reorganization, lost $12.7 billion in 2006.
Ford shares dropped 3 cents Thursday to close at $8.01.