Ford Outlines Top Executives’ Pay for SEC
DEARBORN, Mich. — Alan Mulally's total compensation for last year, including the grant date value of long-term stock options and other stock-based awards, was $17.9 million, according to Ford.
A preliminary notice about Ford's 2010 annual meeting of shareholders, which was filed to the U.S. Securities and Exchange Commission, indicated that Mulally earned $1.4 million in salary and noted that his total cash compensation is down 30 percent from the previous year.
Meanwhile, Bill Ford apparently continues to "forego" compensation, including salary, bonus and stock awards, until the board's compensation committee determines that Ford's global auto operations have achieved full-year profitability, including special items.
"Compensation he would have received beginning in 2008 and future years will be earned and paid once this determination is made," officials highlighted. "His total listed compensation for 2009, including the grant date value of long-term stock options and other stock-based awards, was $16.8 million."
Officials also noted that Ford qualifies as a "named executive" in the proxy due to SEC rules relating to valuing stock awards.
Continuing on, Mark Fields, executive vice president and president of the Americas, earned $1.3 million in salary and no cash bonus. His total compensation, including the grant date value of long-term stock options and other stock-based awards was $3.98 million, officials revealed.
As for Lewis Booth, executive vice president and chief financial officer, he earned $1.2 million in salary and no cash bonus. His total compensation, including the grant date value of long-term stock options and other stock-based awards, was $3.8 million.
Finally, John Fleming, Ford executive vice president of global manufacturing and labor affairs, in addition to being chairman of Ford Europe, earned $750,000 in salary and no cash bonus. His total compensation, including the grant date value of long-term stock options and other stock-based awards, was $3.8 million.
The company noted that it filed the preliminary proxy statement because Ford is seeking shareholder approval for a previously announced Tax Benefits Preservation Plan that the board adopted in September 2009 to protect the company's tax assets.
As a part of the filing, Ford pointed out that annual merit increases were not paid last year to salaried employees. Moreover, the company suspended matching contributions to employee 401k plans and the tuition assistance program.
The automaker also highlighted that Ford's stock appreciated 336 percent in 2009, which officials note was the fourth best among the S&P 500.