DEARBORN, Michigan (Reuters) - Ford Motor Co
Mulally, who is credited with spearheading a turnaround of Ford without seeking a U.S. government bailout, received most of his compensation in the form of company stock.
He received no cash bonus for the second consecutive year. Mulally's salary for 2009 and 2010 was cut from $2 million to $1.4 million, Ford said.
Mulally's total compensation compares to $17 million he earned in 2008, according to a preliminary proxy filed with the U.S. Securities and Exchange Commission.
Executive Chairman Bill Ford continues to forgo compensation until the board determines that the company's global auto operations have achieved full-year profitability, the company said.
Ford, who relinquished the CEO role when he hired Mulally away from Boeing Co
Ford posted a $2.7 billion profit in 2009, snapping a three-year streak of losses that totalled $30 billion from 2006 through 2008. The automaker has forecast that it will be profitable in 2010.
By going it alone, Ford has set itself apart from U.S. rivals General Motors Co
Ford's annual meeting is scheduled for May 13 in Delaware.
(Reporting by Soyoung Kim, editing by Dave Zimmerman)
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