BEIJING, Sept. 9 (Xinhuanet) -- Alan Mulally, Ford Motor Company's new chief executive, will receive 18.5 million U.S. dollars in one-time payments to join the troubled automaker in addition to an annual salary of 2 million dollars.
The one-time payments include a hiring bonus of 7.5 million dollars and 11 million dollars to offset the compensation Mulally gave up for ending his tenure as head of Boeing Co.'s profitable commercial plane division, Ford said in a filing with the Securities and Exchange Commission.
Mulally, 61, was also granted restricted Ford shares and stock options worth about 10.5 million dollars based on the Black-Scholes model for evaluating the present value of such grants, according to Ford. Enditem
(Agencies)
