Ford's Alan Mulally and Bill Ford Jr. receive huge stock grants
The top guys at Ford Motor Co. are getting some big paydays.
The automaker awarded Chief Executive Alan Mulally stock worth $56.5 million before taxes, according to an Associated Press review of Ford’s Securities and Exchange Commission filings on Monday.
The men are credited with turning Ford around and keeping it solvent when General Motors Co. and Chrysler Group both filed for bankruptcy and survived only because of massive government bailouts.
Bill Ford had been running the automaker until 2006, when he hired Mulally, a former Boeing Co. senior executive, as CEO. They then went to a consortium of banks to borrow money to restructure the company, allowing it to survive the recession and auto industry downturn.
The company earned a profit of $6.6 billion in 2010, its best year since 1999, and it has steadily gained market share in the U.S.
Both men also received options to buy stock at $14.76 per share, Associated Press reported. In midday trading, Ford shares rose 45 cents, or 3%, to $14.46.
-- Jerry Hirsch
Photo: Ford CEO Alan Mulally. Credit: Associated Press