Filed under: Etc., Ford, Earnings/Financials
Ford Motor Company Executive Chairman Bill Ford, Jr. and Chief Executive Alan Mulally have reportedly been given big-time bonuses by the Blue Oval for keeping things moving when General Motors and Chrysler filed for bankruptcy. Mulally received $56.5 million worth of Ford stock before taxes and Ford got stock worth $42.4 million.
Ford, Jr. hired Mulally from Boeing in 2006, before they went around to different banks to secure restructuring loans to stay solvent through the lending crisis and economic recession. In 2010, Ford saw its best year since 1999, clearing $6.6 billion in profits.
To add to their enormous bonuses,
the Los Angeles Times says that Ford, Jr. and Mulally opted to purchase Ford stock at $14.76 a share. *Update: Ford tells us that Ford, Jr. and Mulally do indeed have stock options but have not cashed them in at this time. Market value of Ford stock rose three percent today to $14.46 a share.
[Source: Los Angeles Times | Image: Bill Pugliano/Getty]
Report: Alan Mullaly, Bill Ford Jr. get huge bonuses from Blue Oval *Update originally appeared on Autoblog on Tue, 08 Mar 2011 15:32:00 EST. Please see our terms for use of feeds.
Read | Permalink | Email this | Comments