Ford Awards Mulally $56.5 Million in Stock for Turnaround
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Ford Motor Co. awarded Chief Executive Officer Alan Mulally $56.5 million in stock, and Executive Chairman Bill Ford received $42.4 million in shares as a reward for the automaker’s turnaround.
Ford paid the unrestricted stock to its top two executives as part of an incentive plan for 2009 and 2010, according to filings with the U.S. Securities and Exchange Commission. Ford earned $9.28 billion in the last two years after $30.1 billion in losses from 2006 through 2008. The shares, which traded as low as $1.01 on Nov. 20, 2008, rose 46 cents to $14.47 at 4:15 p.m. in New York Stock Exchange composite trading.