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 $15.67.
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
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 Commission.
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 said.
Ford warned in December that the cost of launching a record 23 new
vehicles and a deteriorating Venezuelan economy would dent its 2014
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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 profit.
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.
(Reporting by Bernie Woodall; editing by
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