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 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.
OVERACHIEVERS
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.
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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)
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