Ford CEO Alan Mulally will receive a bonus after his employment ends as reward for leading the automaker through its turnaround.
According to a Ford regulatory filing cited by Bloomberg, the payment will be based on Ford’s contributions to Mulally’s company retirement and benefit equalization plans. The agreement for the payment was dated February 13 and is “a clarification of a prior agreement,” said Jay Cooney, a company spokesman. “Nothing has changed,” he added. No amounts were disclosed in the accord.
Mulally’s compensation for 2012, including salary and benefits, will be revealed later this year in the company’s proxy statement.
Ford paid out its first dividend since 2006 and reclaimed investment-grade credit ratings on the strength of its namesake brand, the only vehicle line to top 2 million U.S. sales last year. 67-year-old Mulally has set up a global product development plan called One Ford aimed at boosting profits by selling the same models globally, rather than different versions for various regions.
Ford has earned $35.2 billion the past four years after losing $30.1 billion from 2006 through 2008. Executive Chairman Bill Ford promoted Mark Fields to chief operating officer in December from president of the Americas, with the 23-year veteran of the company being a favorite to succeed Mulally after 2014.