Ford CEO Mulally’s pay up 48% image

Ford Motor Co. Chief Executive Alan Mulally’s total compensation rose 48% to $26,5m last year, when the carmaker reported its best net profit in a decade. In 2010 Ford recorded a profit of $6.6 billion, its highest in 11 years.

Mulally helped save Ford “from the state-sponsored bankruptcy that affected its rivals,” wrote Lionel Barber, editor of Financial Times.

Executive Chairman William Clay Ford got $26.46 million, which includes $4.8 million in salary, $2.7 million in bonus and about $19 million in stock, option awards and other pay.
Mr Mulally, 65, was hired away from Boeing in 2006 as a move to rescue Ford, which had fallen into corporate disrepair.

The year Mulally joined the company, Ford lost $12.6 billion.

Also cashing in was the company’s executive chairman, Bill Ford Jr., who took home $25 million after tax in the form of unrestricted stock.

In 2010, Ford’s U.S. sales rose 19.5 percent and it overtook Toyota to become No. 2 in sales in the United States. Moreover, on Friday, industry figures showed that Ford sold more cars in the United States in March than main rival GM for only the second time since 1998.