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Mulally paid $26.5 million in 2010
NEW YORK (CNNMoney) — For CEO Alan Mulally was paid more than $26.5 million dollars in 2010, according to documents filed Friday with the Securities and Exchange Commission.
Mulally’s pay package included a $1.4 million base salary, and a cash bonus worth more than $9 million, as well as a raft of stock incentives.
The eye-popping numbers are likely to be a thorn in management’s side later this year when labor negotiations begin in earnest.
Mulally has overseen a tremendous turnaround for the automaker — both in terms of stock price and profit. Earlier today, Ford announced it had topped rival General Motors in U.S. sales in March, grabbing the No. 1 spot for the first time in nearly 13 years.
In 2010, the company reported $6.6 billion in net income.
But union negotiations loom on the horizon.
In March, Ford made waves when it disclosed Mulally had been granted a slew of stock options that covered more than one year, to the tune of $33.4 million after taxes.
0:00 /1:38Grading the Big Three CEOsIt’s hard to deny the company’s recent success. But is Mulally paid too much?
United Auto Workers President Bob King seems to think so. King went on the attack against the lucrative pay package in March, saying it was "morally wrong."
The current union contracts with Ford, GM and Chrysler all expire Sept. 14.
King wouldn’t get into details about the union’s goals for upcoming negotiations, other than to say it wants to restore some of the concessions made during the crisis four years ago, along with other concessions it made in the intervening years. 