Ford CEO Mulally Takes 29% Pay Cut

Ford Motor Co. paid CEO Alan Mulally a total of $21 million for 2012, down from $29.5 million the previous year because the company failed to achieve several of its performance goals.

Ford says it exceeded quality and cost targets last year but fell short in profit, cash flow and market share.

Mulally's salary was unchanged at $2 million. He also received bonuses of nearly $4 million and $15 million in stock options and other compensation. Separately, the company awarded Mulally $11.7 million in stock this month.

Bloomberg News estimates the CEO has received $162 million in compensation since he joined Ford in September 2006 and even more when stock and options grants are taken into account.

Chairman Bill Ford Jr. garnered total compensation of $14.8 million, up 3% from 2011. COO Mark Fields was paid a total of $8.9 million, about the same as in 2011.

CFO Bob Shanks earned a $700,000 salary and total compensation of $5.2 million. Global sales and marketing chief Jim Farley received a total of $4.6 million.