Ford Motor Co. awarded stock options and other long-term incentive payments to top executives this week, including $11.8 million in stock to CEO and Chairman Alan Mulally that he'll get in 2015.
Mulally also this week collected $7 million from 543,734 units that the automaker awarded him in 2011 under its long-term incentive program.
After withholding some of the shares to cover tax liability, Mulally collected stock worth $3.7 million.
Mulally was also awarded Ford stock units worth $11.8 million ? the equivalent of 909,179 shares that will convert to stock in 2015.
He was also given the right to buy 745,526 shares of stock at $12.75 a share ? the price on the day the options were awarded ? but those options can't be fully exercised until 2016.
Mulally earned $29.5 million for 2011, and Ford will make known his 2012 total compensation next week, when the automaker files its proxy.
General Motors CEO and President Daniel Akerson got $9 million in 2011 and 2012, but because of deferred cash, Akerson will be listed as getting $11.1 million for 2012
Ford Executive Chairman Bill Ford Jr. collected $3.3 million in stock that had been awarded in 2011 but also vested this week.
After some of the stock was withheld for taxes, Ford netted $1.8 million.
Bill Ford Jr. was awarded the right to buy 347,912 shares of stock at $12.75 a share, but can't exercise all options until 2016. He also was awarded 171,347 Ford stock units that will convert to shares in 2015 ? currently valued at $2.2 million.
Ford Chief Operating Officer Mark Fields, the odds-on favorite to succeed Mulally, collected $940,000 in stock.
Fields was also granted the right to buy 248,508 shares at $12.75 ? though the options aren't fully exercisable until 2016 and the equivalent of 223,000 shares of Ford stock that will convert to stock in 2015.
The Dearborn automaker disclosed the executive compensation in filings late Tuesday. The automaker has had profits for four straight years, including net income of $5.7 billion in 2012
dshepardson@detroitnews.com
(202) 662-8735
Source: http://www.detroitnews.com/article/20130307/AUTO0102/303070331/1148/rss25
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