FoMoCo CEO Alan Mulally is rolling in money – literally. The Dearborn automaker’s head made $1.74 million on Friday by exercising and selling some performance-based stock options. According to a filing today with the Securities and Exchange Commission, Mulally bought 250,000 shares at $8.28 and sold them for $15.25.
The options, which were a part of Mulally’s September 2006 hiring package, were set to expire August 31.The $1.74 million payout is a part of a four performance thresholds that each trigger the ability to excursive 250,000 share stock options. The first part of that was achieved in 2010 where Ford stock passed $15 a share for 30 days – which was the option Mulally cashed in on.
The $1.74 million does not represent new compensation for the CEO whose 2010 compensation rose 50 percent to $26.5 million.
– By: Omar Rana
Source: Detroit News