Dearborn — Ford Motor Co. paid President and Chief Executive Officer Alan Mulally $20.9 million in 2012 as the automaker made improvements in quality and cost performance, but fell short of targets for market share and cash flow.
Mulally's total compensation — which includes stock and option awards, plus personal expenses — included $2 million in salary and a $3.95 million cash bonus, according to the automaker's proxy filing Friday.
The $20.9 million represents a 29 percent decrease from the $29.5 million Mulally earned in 2011, which included a $2 million salary and a $5.46 million cash bonus. He received about $7 million less in stock awards in 2012.
Mulally will likely be 2012's highest-paid U.S. auto executive.
All automakers have not yet released their 2012 proxy statements, though it is likely General Motors Co. CEO Dan Akerson earned about $11 million.
Sergio Marchionne, who heads Fiat SpA, parent company of Chrysler Group LLC, received about $1.23 million, most in stock option awards from Chrysler. Fiat and Fiat Industrial have not released details on his 2012 pay.
The United Auto Workers, which in past years voiced their displeasure at Mulally's compensation, did not respond to a request Friday seeking comment.
Mulally, 67 — who has now earned approximately $160 million since joining Ford in 2006 — is lauded for keeping Ford out of bankruptcy, cutting costs and implementing a global strategy.
In 2012, Ford's regained its investment-grade credit rating from the second of three major credit agencies, restoring the mortgaged Blue Oval. Ford also reinstated its dividend, nonexistent since 2006, since doubling that dividend to 10 cents. The company's share price, which fell below $9, picked up steam by the end of 2012, finishing near $13.
Compensation for others on the proxy include:
Bill Ford Jr., executive chairman, earned $14.8 million, up from about $14.5 million in 2011, which included a $375,000 bonus.
Mark Fields, who became chief operating officer Dec. 1, earned roughly the same in 2012 as he did in 2011 — $8.8 million. He earned a bonus of $1.3 million, up from $136,500 in 2011.
Jim Farley, group vice president of global marketing, sales, service and Lincoln, earned about $4.6 million; $1.7 million of that was the first of two payments to make up for what he would have made at Toyota Motor Corp.