Ford CEO pay down 29 pct as company falls short of key targets

DEARBORN, Mich., March 15 Fri Mar 15, 2013 9:00am EDT

DEARBORN, Mich., March 15 (Reuters) - Ford Motor Co said on Friday that Chief Executive Alan Mulally's pay package dropped 29 percent last year to nearly $21 million as the company fell short of its profit, cash flow and market share targets.

The 67-year-old executive, who has led Ford since 2006, got $2 million in salary and nearly $4 million in cash bonuses, the company said in its annual proxy filing.

Mulally's overall package in 2011 was $29.5 million, which included a one-time stock grant that the board awarded for his role in reducing the number of Ford's vehicle platforms, a move that could cut costs and complexity.

In 2012 Ford achieved an investment grade credit rating from two ratings agencies, allowing the company to reclaim assets that it mortgaged to pay for its financial turnaround.

But Ford also had its stumbles, particularly in Europe, where the company lost $1.8 billion in 2012 as a punishing downturn hurt industry auto sales in the region.