CEO Mulally to Get Post-Retirement Bonus

Ford Motor Co. has agreed to pay CEO Alan Mulally a lump-sum amount after his retirement in recognition of his successful turnaround of the company.

Seven months after he retires, Mulally will receive a payment equal to four times Ford's existing contributions to his retirement and benefits plans, according to the company's annual report to U.S. securities regulators.

Those benefits are based on his annual base salary, which was $2 million in 2011 and $1.4 million in 2010. Most of Mulally's $25 million-plus annual compensation in recent years has come from bonuses, stocks and options.

The report says that last week Ford's board clarified the terms of Mulally's original employment contract from 2006 and added the new retirement agreement.

Mulally said in November that he plans to continue as president and CEO at least through 2014.