Three years after Obama’s restructuring of the US auto industry, top executives at the car companies are raking in huge salaries and bonuses. The payouts underscore who has benefited from the president’s much-touted “recovery” of Detroit.
Last week, Ford Motor Co. reported it paid its president and chief executive officer, Alan Mulally, $29.5 million in total compensation last year, up 11 percent from 2010. This included $2 million in salary, $5.46 million in bonuses and $22 million in stock, options and other compensation, according to a regulatory filing by the company last week.
Mulally also received $58.3 million in stock earlier this month as part of an incentive plan for his 2009 performance. Over the last two years alone, the Ford CEO has received stock worth more than $100 million. His compensation in 2011 was the highest since 2006, when Ford paid Mulally $39 million to lure him from aircraft manufacturer Boeing.
Ford’s other top executives also received big pay packages. This includes: Executive Chairman Bill Ford ($14.5 million); Chief Financial Officer Lewis Booth ($7.7 million); Mark Fields, the company’s president of the Americas ($8.84 million); and Joe Hinrichs, president of Ford’s Asia Pacific and Africa region ($5.3 million).
Last year, Ford recorded $20 billion in profits—the second most in the company's century-long history—and resumed paying dividends to its big investors. Since the virtual collapse of the auto industry following the 2008 Wall Street crash, the automaker has recorded three straight years of profits. Its share value has risen 370 percent since 2009.