Mulally, according to SEC filings, was paid a salary of $1.4 million after a 30% pay cut while receiving the lion share of his pay through company stock. He received no bonus in 2009. In 2008, he received compensation of $17 million, also without bonus.
Stockpickr: Who Owns Ford?
The compensation increase comes as Mullaly and his staff continue to be credited for turning Ford around, even as competitors like GM and Chrysler sought bankruptcy protection and government aid as the auto sector ailed -- and ushering Ford to 2009 earnings of $2.7 billion, its first yearly profit in four years.
-- Reported by Andrea Tse in New YorkFollow TheStreet.com on Twitter and become a fan on Facebook.