Ford’s (NYSE:F) Tuesday filing with the U.S. Securities and Exchange Commission reveals that CEO Alan Mulally received Ford stock worth $34.5 million as part of his performance incentives for 2009, when restricted stock was converted to shares last Saturday.
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Mulally earned the stock awards due to the achievement of a number of performance milestones over the past few years. “Our compensation philosophy is to align the interests of our leadership with those of our shareholders,” Ford spokesman Todd Nissen said in a statement. “Ford’s stock was $1.96 a share at the time of the 2009 awards, and is over $12 a share today. That is a more than a 500% increase, which benefits all stakeholders in the Ford turnaround.”
Last week, Ford paid a 5-cent quarterly dividend to its shareholders, the first dividend since 2006, when the company suspended dividend payments.
The millions of dollars in stock incentives are in addition to Mulally’s annual salary and bonus. Last year he earned a salary of $1.4 million and a cash bonus of $9.45 million.
Ford also filed details of a grant of 595,238 shares to executive chairman Bill Ford for the company’s performance during 2011. He will be able to cash in incentives for 2009 in August.
Ford Motor also awarded incentive share awards in varying quantities to other senior managers such as Mark Fields, president of American operations, CFO Lewis Booth, and Joe Hinrichs, head of Asian operations.
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