Ford Motor’s Chief Executive Officer Alan Mulally’s total compensation was up 11% to nearly $30 million in 2011, when the company reported its best net profit in more than 10 years.
Mulally became Chief Executive Officer in 2006, leading the company successfully throughout the U.S. economic crisis without making use of a federal bailout like GM and Chrysler did. In 2011 he received $2 million in salary and $5.5 million in cash bonuses, stock options and equity awards, his total compensation being $29.5 million, up from $26.5 million in 2010. From 2009 to 2011, Mulally’s total compensation package totaled about $74 million. Executive Chairman Bill Ford received $14.5 million, down from $26.4 million in 2010, while Ford America’s President Mark Fields received total compensation in 2011 of $8.8 million, the same as in 2010.
Although the second U.S. automaker missed targets including costs, quality and market share, it continued to exceed its expectations on annual profit and cash flow in its automotive operations. Bob King, United Auto Workers President, called Mulally compensation “outrageous” and “morally wrong” taking into consideration the fact that some Ford employees made around $15 per hour in 2011.