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CEO gets stock units worth $4.1 million; pay hasn't been disclosed
By Bill Koenig
Bloomberg News
Published on Tuesday, Mar 11, 2008
Ford Motor Co., the world's third-largest automaker, granted Chief Executive Alan Mulally stock units valued at about $4.13 million and options to purchase 3.56 million shares.
Ford disclosed the awards in a regulatory filing with the U.S. Securities and Exchange Commission. The stock units will be converted to common shares on March 5, 2010.
Mulally can exercise the options to buy stock at a price of $6.14 a share.
He can exercise one-third of the options in a year, another third after two years and all of the options after three years.
Ford recruited Mulally, 62, in September 2006 from Boeing Co., where he revamped that company's commercial aircraft operations. Ford paid Mulally $28.2 million in 2006, including compensation to make up for pay he would have received had he stayed at Boeing. His 2007 pay hasn't been disclosed yet.
Ford also disclosed that Executive Vice President Mark Fields, head of its money-losing North American unit, received stock units that can convert to about $602,264 in shares on March 5, 2010, and another $894,044 on March 5, 2011.
Jim Farley, the worldwide marketing chief it recruited from Toyota Motor Corp., received options to purchase 167,707 shares at $6.14 a share.
Ford lost $2.72 billion last year and a record $12.6 billion in 2006. Under Mulally, Ford wants to return to profitability in 2009.
Ford Motor Co., the world's third-largest automaker, granted Chief Executive Alan Mulally stock units valued at about $4.13 million and options to purchase 3.56 million shares.
Get the full article here.
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