Ford’s CEO Alan Mulally gets $56.5 million stock award

Image: CeBIT 2011
Ford has rewarded CEO Alan Mulally with stock worth $56.5 million before taxes. Sean Gallup / Getty Images
/ Source: The Associated Press

Ford Motor Co. has rewarded CEO Alan Mulally with stock worth $56.5 million before taxes.

Executive Chairman Bill Ford Jr., the man who hired Mulally, got stock worth $42.4 million.

The Dearborn, Michigan, company disclosed the awards in filings Monday with the Securities and Exchange Commission. Shares were granted on Thursday.

Ford was in financial peril when Mulally took over in 2006. It mortgaged assets to borrow more than $23 billion and was able to avoid bankruptcy.

Last year the company made $6.6 billion, its best year since 1999. Sales last year rose almost 20 percent.

Mulally paid $23 million to taxes, while Bill Ford paid $17 million in taxes.

Both men also got options to buy stock at $14.76 per share. That's higher than Monday's closing price of $14.01.