Ford CEO Alan Mulally has been awarded $58.3 million in company stock for his hand in righting the automaker's fortunes. After taxes, the CEO will receive $34.5 million. According to Automotive News, Mulally will also receive salary and benefits for 2011 on top of the his stock incentives. The stock was handed out as part of an incentive plan associated with the company's performance in 2009. The report says Ford has earned $29.5 billion since then after suffering through $30.1 billion in losses between 2006 and 2008. All told, Mulally has been awarded $100 million in stock in the past two years.
Ford, meanwhile, says that the company believes in a compensation philosophy that ties executives to the interests of the company's shareholders. That's all fine and good, but Mulally's pay scale brought the ire of the United Auto Workers last year, when UAW President Bob King said the compensation was "morally wrong." Zing.
Morally wrong or not, it's hard to argue with Mulally's performance at Ford. The CEO nailed nearly all of his performance targets for 2009 and kept Ford afloat without delving into the federal government's infamous Troubled Asset Relief Program.