Ford's head honcho Alan Mulally earned $29.5 million last year, reports Automotive News. Mulally's compensation, including salary, cash bonuses, and stock awards, rose 11 percent last year, from $26.5 million in 2010.
To give you a sense of just how much money Ford's chief took home, Mulally earned enough money last year to buy the fully loaded version of every U.S.-market Ford and Lincoln vehicle more than 20 times over. That'd be quite the garage.
Ford's executive bonuses are based on whether the company meets its sales goals under the One Ford Plan. Last year the Dearborn-based automaker earned a pretax profit of $8.8 billion – a $464 million increase over the prior year. Ford's net income was $7.8 billion in 2011 – it's highest in over 10 years.
Following Mulally, Ford's next-highest paid exec was Executive Chairman Bill Ford at $14.5 million, President of the Americas Mark Fields at $8.8 million, and CFO Lewis Booth at $7.7 million. The earnings of each executive includes salary, cash bonuses, and stock awards. Mulally, for example, took home a $2 million salary, $5.46 million in cash bonuses, and $22 million in stock awards. Though Ford profits are up thanks to the One Ford Plan, Automotive News reports Ford stock has fallen 36 percent throughout the year.
Do you think Mulally deserved $29.5 million in Ford earnings for 2011 or is that too much? Let us know what you think in the comments below.
Source: Automotive News (Subscription required)