Ford Motor Co., which turned its biggest profit in more than a decade last year, has rewarded CEO Alan Mulally with stock worth $56.5 million before taxes.
The man who hired Mulally, Executive Chairman Bill Ford Jr., also got stock worth $42.4 million.
The Dearborn, Michigan, company disclosed the stock in filings Monday with the U.S. Securities and Exchange Commission, and the shares were granted to the men on Thursday, when they closed at $14.76. Several other top executives also received stock awards.
Ford was in financial peril late in 2006 when Bill Ford removed himself as CEO and hired Mulally away from aviation giant Boeing Co. Under Mulally, the company mortgaged its assets to borrow more than $23 billion, allowing it to weather the recession. It avoided filing for bankruptcy or following General Motors Co. and Chrysler Group LLC in taking government aid.
Mulally is widely credited with turning the company around, raising the quality of its cars and trucks and shifting its model lineup from trucks and sport utility vehicles to smaller vehicles such as crossovers.
In 2006, the year Mulally was hired, Ford lost $12.6 billion. But last year the company made $6.6 billion, its best year since 1999, and sales were up almost 20 percent.I wonder how much bonus the average worker at Ford Motor Company received this year...
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