Ford Motor Co. CEO made $17.9M last year

DEARBORN, Mich. (AP) — Alan Mulally, the Ford Motor Co. president and chief executive officer, made $17.9 million last year, about 1 percent more than the year before, as the company struggled through the worst U.S. auto sales market in decades, according to a calculation by The Associated Press based on government filings.

Mulally took a 30 percent pay cut last February, dropping his salary to $1.4 million, and he got no bonus for the second year in a row. But the value of his stock options and stock awards rose by 9 percent to more than $16 million as the market improved and Ford's shares climbed later in the year.

Ford shares rose to a five-year high last week after Moody's Investors Service upgraded the automaker's debt and said Ford has the potential to improve its finances even further. Ford shares dropped 13 cents to $13.16 in early trading today.

Mulally's compensation included $127,699 for use of a private jet. Ford spent $752,203 for Mulally's air travel on corporate jets the year before, but it began the process of selling its corporate jets in 2009. Ford was unable to sell all five jets for a fair value, spokesman Mark Truby said, so it leased three to a charter service and still has two up for sale. Ford also paid $43,447 for Mulally's security.