Ford CEO Alan Mulally can cash in on almost $12 million in performance bonuses owed him, according to documents filed with the Securities and Exchange Commission.
The bonuses are in addition to his salary which is expected to be disclosed later this month. In 2011 he took home $2 million in salary and another $5.5 million in bonuses, equity and stock options.
The performance bonus that can be accessed now is in the form of shares so the exact value will be determined by the price on the day he cashes in. Current stock price puts it at about $11.7 million.
The CEO who is credited with Ford's turnaround since joining the company in 2006 also had $7 million worth of shares become fully vested this week. They were awarded to him in 2010.
Mulally also was given another 745,526 shares in stock options. As has been past practice, it will be invested over three years.
And 909,179 shares of restricted stock have been awarded this week for Mulally's performance last year when the automaker made a net profit of $5.7 billion. They will be vested in 2015.
Mulally now is able to sell another 543,734 shares he was given three years ago.
The 67-year-old is expected to retire in the next couple years. Ford has appointed Mark Fields as chief operating officer as part of its succession planning.
Fields and other top tier managers were also awarded shares and have performance awards from past years that are now vested.
The automaker has gone from a period of huge debt during the recession to a period of relative stability and growth.
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