DETROIT -- Ford Motor Co. CEO Alan Mulally earned $1.4 million in salary and did not receive a cash bonus for 2009, but his total compensation equalled $17.9 million because of stock-based awards.
According to Ford's preliminary proxy statement issued today, Mulally's total compensation in 2009, one of the worst auto sales enviornments in decades, bested his 2008 compensation by nearly $1 million.
Ford's stock closed at $13.99 on Monday, up from its 52-week low of $2.38.
Executive Chairman Bill Ford is declining compensation until the company's global automotive sector achieves full-year profits, excluding special items. His total compensation, including long-term stock options and other stock-based awards, would have been $16.8 million. He will be entitled to that income when the board determines the company has achieved automotive profitability for a full year.
Last year, Ford cut Mulally's salary by 30 percent for 2009 and 2010 because the company failed to meet certain profit goals. Mulally, who joined Ford from Boeing Co. in September 2006, earned $13.6 million in 2008, 37 percent less than in 2007.
Mark Fields, Ford's president of the Americas, earned $1.3 million last year. His total compensation for 2009 was $4 million vs. $4.8 million the previous year. Fields did not receive a cash bonus.
Ford continues to pay for Mulally's housing in Dearborn.
CFO Lewis Booth earned a $1.2 million salary with no cash bonus. His total compensation last year was $3.8 million, compared with $5.5 million in 2008.