Ford’s Mulally gets insane salary despite losses

Ford Motor Co. CEO Alan Mulally saw his total compensation cut by 37 percent last year, according to documents filed Tuesday with the Securities and Exchange Commission, but the package was still worth more than $13.6 million in cash, stock and stock options.

Most of that — $8.7 million — represents stock options that are worthless at the current share price. The automaker said Mulally has yet to receive any stock options that he could cash.

Ford said it will reduce Mulally's salary by another 30 percent for 2009 and 2010, and eliminate merit pay increases and bonuses for U.S. salaried workers because of the challenges facing the company and the auto industry.

The Detroit News also has learned that stock bonuses paid to Ford managers in the United States will be lower this year because of new limits being imposed by the company, according to sources with direct knowledge of the plan.