Ford Rewards Mulally for Progress

Ford Rewards Mulally for Progress

Ford has boosted the compensation package of CEO Alan Mulally, who has been on the job six months, by giving him another $1 million in stock options, putting the total at $6 million, and giving his family corporate aircraft privileges, even if he is not on board.

Noted in Ford’s annual report filed with the U.S. Securities and Exchange Commission Thursday, Ford’s board approved the pay package enhancements saying Mulally’s “leadership role in progressing his key priorities.”

Only a week ago, Ford’s President of the Americas Mark Fields informed employees the automaker is missing key targets. Fields gave up his use of the Ford corporate jet for his weekend flights home to Florida, after the media reports made it public.   

Michelle Krebs:  is Editor-in-Chief of AutoObserver.com. Follow @AutoObserver on Twitter.