By Bernie Woodall
DETROIT, March 6 Ford Motor Co Chief
Executive Alan Mulally was awarded performance bonuses for 2013
worth $13.8 million, the No. 2 U.S. automaker disclosed to U.S.
regulators on Thursday.
The amount Mulally makes from the restricted stock he
received depends on its value on the day he sells it. The shares
were worth $13.83 million based on Thursday's closing price of
Ford said Mulally, 68, who is credited with reviving the
Detroit-area automaker's fortunes after arriving in 2006, also
received $3.3 million of shares after taxes, which vest fully
this week, based on 2011 equity awards.
Mulally now owns Ford common stock worth $96.9 million at
Thursday's closing price.
In January, Mulally removed himself from the running to
become the next CEO of Microsoft Corp after months of
speculation, and he reaffirmed plans to stay at Ford through the
end of this year.
Mulally's 2013 restricted stock award is 882,352 shares. The
restricted awards Ford made to Mulally and other top executives
this week convert to common stock on March 4, 2016, according to
a company filing with the U.S. Securities and Exchange
Bill Ford Jr., the company's executive chairman, was awarded
restricted stock for 2013 work that was worth $6.45 million on
Thursday. He also received $1.6 million of shares after taxes
that fully vest this week, based on 2011 equity awards.
In a statement, the company said, "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."
Mulally took Ford's helm in 2006 and spurred a cultural
change that helped Ford take quicker action and make bolder
bets, analysts, executives and other industry observers have
Ford warned in December that the cost of launching a record
23 new vehicles and a deteriorating Venezuelan economy would
dent its 2014 profit.
Sixteen of those launches will be in North America,
including the highly profitable F-150 full-size pickup in the
fall. Getting the truck launch running smoothly is key because
the vehicle accounts for the majority of Ford's North American
Other details of Mulally's compensation including his 2013
salary will be released later this month. His 2012 compensation
was cut by 29 percent to about $21 million, based on share
values last March, that included salary, stock awards, stock
options and other perks.
Mulally's pay was reduced in 2012 in part because Ford
missed some key goals for market share, profit and cash flow.
GM has said CEO Mary Barra will be paid up to $14.4 million
in cash and stock this year, including $10 million under the
company's long-term compensation plan that is still subject to
shareholder approval in June.
Mark Fields, Ford's chief operating officer, was awarded
$4.6 million worth of shares for last year's work and now owns
$12.8 million in common shares of the company.
Joe Hinrichs, head of North and South American operations,
was awarded $2.2 million of shares for 2013 performance, and now
owns $5 million in common shares in Ford.