UPDATE 1-Ford CEO pay down as company falls short of targets
DEARBORN, Mich., March 15 (Reuters) - Ford Motor Co said on Friday that Chief Executive Officer Alan Mulally's 2012 compensation fell 29 percent due in part to the second-largest U.S. automaker missing some of its key goals for market share, profit and cash flow. The 67-year-old executive, who has led Ford since 2006, got $2 million in salary and nearly $4 million in cash bonuses, the company said in its annual proxy filing. His overall pay was $21 million, including stock awards, options and other perks. Mulally's overall package in 2011 was $29.5 million. This included a one-time restricted stock grant, worth $8 million at the time, for his role in reducing the number of Ford's vehicle platforms, a move that could cut costs and complexity. "We believe our 2012 performance clearly shows our management team performed exceedingly well in a difficult environment," Ford said in its proxy statement. Last year, Ford met about 75 percent of its performance targets. Its global automotive operating-related cash flow last year was $3.4 billion, less than the $4.6 billion target. But Ford also beat its goals for cost controls and quality. Europe was a challenge. In 2012, Ford lost $1.8 billion in Europe, where a punishing downturn has hurt industry sales. The company predicts it would lose another $2 billion in Europe in 2013. Executive Chairman Bill Ford's compensation came to $14.8 million last year. Mark Fields, Chief Operating Officer, earned about $8.9 million. Chief Financial Officer Bob Shanks earned slightly more than $5 million, while Jim Farley, head of global marketing, earned $4.6 million. Mulally is credited for spearheading Ford's turnaround by mortgaging the automaker's assets, including the Blue Oval logo, and executing his "One Ford" strategy to cut costs. His efforts allowed Ford to avert a bankruptcy filing in 2009, when a global recession pushed General Motors Co and Chrysler Group LLC to take federal bailouts. Last year, Ford made a net profit of $5.7 billion, its fourth straight year in the black, after losing $30 billion between 2006 and 2008. Ford also achieved an investment grade credit rating from two agencies, allowing the company to reclaim assets that it mortgaged to pay for its turnaround.