DEARBORN, Michigan (Reuters) - Ford Motor Co (F.N) Chief Executive Alan Mulally got a healthy raise in 2013 as his total compensation jumped 10.7 percent to $23.2 million, based in part on bonuses related to his performance as well as that of the company, the automaker said on Friday.
Mulally’s and four other top Ford executives’ compensation along with that of the company’s board of directors was reported to U.S. securities regulators in an annual proxy statement ahead of the company’s annual meeting on May 8 in Delaware.
Mulally, who until several months ago was reported to have considered a move to become the chief of Microsoft Corp (MSFT.O), and fellow top executives surpassed annual objectives, allowing his bonus to increase to $5.9 million from $3.95 million in 2012.
Ford’s pre-tax profit in 2013 totaled $8.6 billion, one of the best annual results in company history, and net income was $7.2 billion.
Mulally’s salary of $2 million was unchanged. Earlier this month, Ford reported that he received stock valued at $13.6 million based on Friday afternoon’s share price, which last traded up 1.3 percent at $15.46.
Mulally now owns 6.18 million shares of Ford common stock, which as of Friday afternoon was valued at about $95.5 million.
Ford’s top executives achieved their collective 2013 goals at a rate of 112 percent. This is based on achieving targets for pre-tax profit, automotive operating cash flow, cost performance excluding special items, market share in the company’s three global regions and quality of vehicles based in part on warranty expense.
The No. 2 U.S. automaker outperformed in terms of the two metrics given the most weight in determining executive bonuses, pre-tax profit and automotive cash flow, but fell short of the other three targets.
Ford achieved only 65 percent of its market share target, most of which is based on its performance in North America and South America.
Bill Ford, executive chairman and who was Mulally’s predecessor as chief executive, took a compensation cut last year due to a change in the notional value of his pension benefits.
Bill Ford’s total compensation fell 19 percent to $11.96 million.
Mark Fields, chief operating officer and considered the likely heir to Mulally as chief executive, received $10.2 million in 2013, up from $8.8 million the previous year.
Joe Hinrichs, head of Ford’s operations in North America and South America, got $4.4 million in total compensation for 2013, up from $4.1 million in 2012.
The chief executive since 2006, Mulally, 68, steered Ford through the recession without falling into bankruptcy as did its two Detroit-area rivals General Motors Co (GM.N) and Chrysler, now Chrysler Group and a unit of Fiat Chrysler Automobiles FIA.MI.
Reporting by Bernie Woodall; editing by Steve Orlofsky and G Crosse