| DEARBORN, Mich., March 15
DEARBORN, Mich., March 15 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
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.