Ford CEO gets 11% raise to $23.2M in 2013

Alan Mulally earned $23.2 million, an 11% raise, as CEO of Ford in 2013 for his work guiding the automaker to one of its most profitable years in history.

The CEO earned a salary of $2 million and another $5.9 million in cash bonus as well as $15.3 million in long-term stock options, performance equity awards and compensation for items such as security and travel, according to a filing today with the U.S. Securities and Exchange Commission.

Mulally's salary remained unchanged from the previous year but his bonus grew. On the performance side, higher profits, cash flow and quality, under the Ford incentive formula, generated an additional $2 million for him because the company as a whole exceeded its targets.

Despite a fall in market share, Ford achieved 112% of its goals in 2013 compared with achieving only 75% of its goals in 2012 when quality scores fell.

The board also gave their CEO an incremental bonus of $2 million, which is allowed when the company has a stellar year in terms of performance and meeting overall objectives.

He also owns 6.2 million shares as of March 1.

Last year Mulally oversaw a company that earned almost $7.2 billion last year with record profits in North America, aggressive growth in Asia and restructuring in Europe and South America.

Mulally also remained at the helm after a period of speculation that he might leave to run Microsoft. He has said he will remain with Ford through the end of this year.

Since joining Ford in 2006, Mulally has made an "unbelievably profound impact on Ford," said David Cole, chairman emeritus of the Center for Automotive Research.

"If you paid him a billion dollars it would still be worth it. He changed the culture and led a transformation," Cole said.

Among other top executives:

■ Bill Ford, executive chairman, reported total compensation of $12 million including a $2 million salary.

■ Mark Fields, chief operating officer, received $10.1 million including a salary of $1.5 mi! llion.

■ Joe Hinrichs, president of The Americas, received $4.4 million including his $854,000 salary.

■ Bob Shanks, chief financial officer, had total compensation of $4 million with a $772,000 salary.

The annual meeting is set for May 8 where shareholders will vote on six proposals.

Contact Alisa Priddle at apriddle@freepress.com. Follow her on Twitter @AlisaPriddle