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.
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