Mulally's total package included a $2 million salary, $7 million in bonuses and various stock awards, The Detroit News reported.
On the year, he took a cut in compensations, having grossed $28.2 million in 2006.
In 2007, the company reduced its losses from $12.6 billion in 2006 to $2.7 billion last year.
Other top executives also received multimillion-dollar deals, the Detroit Free Press reported Friday.
Chief Financial Officer Don Leclair earned a $1 million salary, a bonus of $3 million and awards for a total package worth $8.4 million.
Chief Executive Officer for Ford Credit Mike Bannister grossed $8.7 million.
The executive chairman didn't earn a dime, the report said, sticking to his pledge in 2005 not to take any pay until the company digs itself out of the red.