Ford Motor Co. says newly appointed President and CEO Alan Mulally will receive a hiring bonus of $7.5 million in addition to $11 million to offset compensation he gave up at his last position as executive vice president at Boeing Co.

Mulally base salary will be $2 million per year, Ford says in a filing with the Securities and Exchange Commission.

Mulally was one of the top-paid executives at Boeing in 2005, with a package of about $9.96 million that included a $7.58 million long-term incentive payout on top of his $825,000 salary and $736,300 annual bonus.

Previous CEO Bill Ford had refused compensation until the auto maker returned to profitability in North America.