Ford Motor Co. awarded CEO Alan Mulally $13.8 million in stock for the automaker’s performance last year when its profits grew in North America and sales accelerated in China.
Ford also gave its top executive 613,747 stock options as part of an incentive plan for 2013, according to a filing Thursday with the U.S. Securities and Exchange Commission.
Mulally is restricted from selling the 882,352 shares of stock he received until March 4, 2016. The options, with a strike price of $15.37, vest in thirds annually over the next three years.
The automaker earned $7.16 billion in 2013 and its shares climbed 19 percent, trailing a 30 percent jump for the Standard & Poor’s 500 Index and 42 percent gain in General Motors shares.
Mulally, 68, will receive other compensation for 2013, including salary and benefits, to be disclosed later this month.
Though briefly wooed by Microsoft Corp. last year to be its CEO, Mulally has said he’ll stay at Ford at least through December. Since arriving from Boeing Co. in 2006, he has led a turnaround that let Ford avoid the bailouts and bankruptcies that befell predecessors of GM and Chrysler Group.
“We are committed to align executive compensation with the company’s business performance and to tying a significant portion of executive compensation to long-term shareholder value,” Ford spokesman Todd Nissen said, adding that Ford outperformed the S&P 500 over the past five years.
In addition to the new stock awards, Mulally now is free to sell 376,016 Ford shares, worth $5.9 million at Wednesday’s closing price, which he received in 2012 for the company’s performance in 2011.
Mulally is credited with cultivating a more collaborative culture at Ford, which had long been characterized by backbiting.
He also slashed costs by closing factories, cutting workers and selling off Ford’s European luxury lines, including Jaguar. He restored profits by broadening Ford’s lineup with fuel-efficient models loaded with technology, such as voice-activated controls.
Ford has earned $42.3 billion in the last five years after losing $30.1 billion from 2006 through 2008.
The company’s stock, which traded below $2 five years ago, rose 0.3 percent to close at $15.67 Thursday in New York.
Mulally has received total compensation of about $303 million from Ford since 2006 and last year he became the world’s highest paid automotive CEO.
For 2012, Ford paid Mulally almost $21 million in salary, bonus, stock, options and other compensation. He also received an additional stock award worth $11.7 million last year.
The company revealed last year that it would give Mulally another bonus after he leaves the company in reward for leading the turnaround. The automaker didn’t disclose the amount.
Ford shuffled its leadership team in late 2012 to prepare for Mulally’s eventual departure. Mark Fields, Ford’s Americas chief, was elevated to COO, positioning him as front-runner to take over as CEO when Mulally retires.
By contrast, Fiat Chrysler Automobiles Chief Executive Sergio Marchionne was awarded salary and stock awards worth $307,989 last year for heading Chrysler Group, according to a filing with U.S. regulators by the automaker on Friday.
Marchionne’s Chrysler pay is expected to be a fraction of his total compensation once the Fiat side of the business announces his compensation.
Marchionne’s compensation from Fiat for 2013 will be announced later this month.
The details on his Chrysler pay were contained in a filing with the U.S. Securities and Exchange Commission.
Marchionne’s compensation from Chrysler in 2013 fell from the previous year, which totaled $1.23 million. In 2011, he declined a salary from the American automaker.
The drop in compensation last year for Marchionne and other top Chrysler executives is because 2012 compensation levels included performance incentives accrued over three years.
Fiat and Chrysler Group LLC were merged in January. The newly formed company is to be traded primarily in New York, as well as in Milan, beginning later this year.
Marchionne, 61, was the CEO of both companies before the merger.
In 2012, he was paid in salary and equity awards the equivalent of about 13.2 million euros, or $18.3 million at current exchange rates, from Fiat and its affiliates, according to a Fiat company report.