Ford Hiked Mulally’s 2011 Pay

Ford Motor Co. gave CEO Alan Mulally an 11% raise in total compensation to $29.5 million last year.

Mulally's cash bonus was cut 42% to $5.5 million because the company missed quality and market share targets. But he received a 43% boost in salary to $2 million and earned $22 million in stock, options and other compensation. Mulally also received $58.3 million in stock last month as part of a 2009 incentive plan.

Ford netted $8.8 billion last year. But the United Auto Workers union said Friday that the performance of the company's shares, which tumbled 36% to $10.72 last year, does not justify Mulally's pay.

Mulally earned more than any other global auto industry executive, according to compensation consultancy Towers Watson. Several foreign carmakers have not yet reported 2011 pay.

The company's other four most highly paid executives also earned smaller bonuses, although all but Chairman Bill Ford Jr. received higher total compensation. Ford received a total of $14.5 million, down 45% from 2010, when he got pay deferred from 2008 and 2009. His 2011 pay included a $2 million salary, a $1.6 million bonus and $10.9 million in stock, options and other compensation.

CFO Lewis Booth earned total compensation of $7.7 million. Mark Fields, president of the Americas unit, received $8.8 million. Joe Hinrichs, president of the Asia-Pacific unit, earned $5.3 million.