Ford Motor Co. President and CEO Alan Mulally fabricated $17.9 actor endure year, about 1 percent added than the year before, as the aggregation struggled through the affliction U.S. auto sales bazaar in decades, according to a adding by The Associated Press based on government filings.
Mulally took a 30 percent pay cut endure February, bottomward his bacon to $1.4 million, and he got no benefit for the additional year in a row. But the amount of his banal options and banal awards rose by 9 percent to added than $16 actor as the bazaar bigger and Ford's shares climbed afterwards in the year.
Ford shares rose to a five-year top endure anniversary afterwards Moody's Investors Account upgraded the automaker's debt and said Ford has the abeyant to advance its affairs even further. Ford shares rose 35 cents, or about 3 percent to $13.65 in morning trading Monday.
Mulally's advantage included $127,699 for use of a clandestine jet. Ford spent $752,203 for Mulally's air biking on accumulated jets the year before, but it began the action of affairs its accumulated jets in 2009. Ford was clumsy to advertise all 5 jets for a fair value, agent Mark Truby said, so it busy three to a allotment account and still has two up for sale. Ford aswell paid $43,447 for Mulally's security.
Mulally's 30 percent bacon cut aswell will be in aftereffect this year. Ford Chairman Bill Ford Jr. is abnegating any bacon or benefit until the company's auto area achieves full-year profitability, but he did accept $16.8 actor in stock-based advantage for 2009.
Ford's fortunes rose in 2009 even as U.S. industry sales angled to a 26-year low. The automaker becoming $2.7 billion in 2009, its aboriginal anniversary accumulation in four years. Unlike General Motors Co. and Chrysler Group, Ford abhorred defalcation cloister and didn't yield government loans. As a result, Ford reaped amicableness from buyers and concluded the year with its aboriginal U.S. bazaar allotment access back 1995.
Ford's revenues fell by 14 percent in 2009, but the aggregation benefited from $5.1 billion in cuts to manufacturing, engineering and advertising.
Mulally said 2009 was "pivotal" in Ford's transformation, but that the aggregation has cogent plan to do. The automaker, which took out big loans in 2006 to armamentarium its restructuring, concluded 2009 with $34.3 billion in debt. That puts Ford at a disadvantage to GM and Chrysler, which were able to afford debt in defalcation court.
Mulally's bacon has been a afraid point for the company's branch workers, who alone a new annular of allowance concessions in October. Many cited Mulally's actualization afore Congress in backward 2008, if he told assembly he wouldn't plan for $1 a year as a allegorical gesture.
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