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Ford paid Mulally $28.2M amid $12.6B loss

April 5, 2007 at 4:25 PM   |   Comments

WASHINGTON, April 5 (UPI) -- Ford Motor Co. said Thursday its top seven executives were paid more than $62 million while the U.S. automaker posted a record $12.6 billion loss.

The 2006 compensation, outlined in a proxy filed with the U.S. Securities and Exchange Commission, included $28.2 million for Chief Executive Officer Alan Mulally, who Ford hired from Boeing Co. in September.

Mulally received a $666,667 salary -- one-third of his $2 million annual salary -- along with a $7.5 million sign-on bonus, an $11 million bonus to offset money he would have received from Boeing, options awards valued at $8.68 million and other compensation for items such as use of a corporate aircraft and relocation costs, the proxy statement said.

The disclosure comes as Ford prepares to begin contract talks with the United Auto Workers union.

Among the other executives, Chairman Bill Ford, who stepped down as chief executive in October, received $10.5 million in 2006, the SEC filing said. On stepping down, he agreed to forgo any new compensation, including salary and bonus awards.

© 2007 United Press International, Inc. All Rights Reserved. Any reproduction, republication, redistribution and/or modification of any UPI content is expressly prohibited without UPI's prior written consent.
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