Ford Motor Co. CEO and president Alan Mulally's total compensation increased 10.7 percent to $23.2 million in 2013, according to documents filed today with the U.S. Securities and Exchange Commission.
DEARBORN, MI- Ford Motor Co. CEO and president Alan Mulally's total compensation increased 10.7 percent to $23.2 million in 2013, according to documents filed today with the U.S. Securities and Exchange Commission.
Mulally, whose salary has remained unchanged at $2 million since 2011, was the highest paid executive with the Dearborn-based automaker by more than $11.2 million.
Following the former Boeing executive was Executive Chairman Bill Ford earning just under $12 million, a $2.9 million decrease from 2012; Chief Operating Officer Mark Fields earning $10.2 million, a $1.3 million increase; Joe Hinrichs, executive vice president and president of the Americas, earning $4.4 million, a roughly $300,000 increase; and Executive Vice President and CFO Bob Shanks at $4.1 million, a $1.1 million decrease from the previous year.
Executive compensation is based on a number of factors, including salary, personal bonuses, stock awards, company performance and other factors. According to Ford, the company over exceeded its overall target for company performance in 2013, thanks to its $4 billion cash flow and $7.2 billion net income.
Compensation for Ford’s top executives was released as part of the company’s annual proxy statement to the SEC. The more than 100-page document serves as an annual report for officials, including shareholders, for the company’s annual meeting – scheduled for May 8 in Wilmington, Del.
Ford Motor Co. world headquarters, 1 American Road, Dearborn, Mich.The document also outlines company and shareholder proposals to be voted on at the annual meeting. This year, there are four company and two shareholder proposals.
This year could be Mulally's last year with Ford. In November 2012, Ford announced Mulally plans to remain with the automaker through at least 2014.
In 2012, Ford shuffled its executive leadership to prepare for Mulally's departure, including promoting Fields to chief operating officer.
Mulally, 68, joined Ford from airline manufacturer Boeing Co. in 2006. He is credited for steering Ford away from bankruptcy in the late-2000s by mortgaging Ford assets, including its blue oval, for a $23.5 billion loan.
In 2012, Mulally was the 54th-highest paid CEO in America, according to Forbes Magazine. That year he received $2 million in salary, $3.95 million in bonuses and $15 million in stock, options and other compensation for a total of about $21 million. That compares to $2 million in salary, $5.9 million in bonuses and $15.3 million in stock, options and other compensation in 2013.
As of the closing bell Friday, Ford's stock [NYSE: F] was at $15.44 a share, up 19 cents.
Click here to view Ford's "Notice of 2014 Annual Meeting of Shareholders and Proxy Statement."
Check back to MLive for more information.
Michael Wayland covers the automotive industry for MLive. Email him at MWayland@mlive.com & follow him on Twitter @MikeWayland or Google+.