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1:24 pm
Sat March 29, 2014

Ford CEO's pay up 11% to $23.2 million in 2013

DETROIT (AP) - Ford CEO Alan Mulally's compensation rose 11 percent to $23.2 million in 2013, as the company reported record profits in North America.

Mulally earned $2 million in salary, the same as 2012. But he earned more in bonuses, at $5.9 million, and in stock and option awards, which totaled $14.7 million.

The company's board said Mulally exceeded profit and cash flow targets. The company also earned a record pretax profit of $8.8 billion in North America.

The 68-year-old Mulally announced in January that he would stay at Ford at least through the end of this year, putting to rest rumors that he might leave to become CEO of Microsoft.

Ford reported Mulally's compensation Friday in its annual proxy filing with the federal government.