Alan Mulally was Boeing's second-highest paid executive in 2005, with a compensation package of $9.9 million, which included $7.6 million in long-term incentive stock grants.
At his new post as CEO of Ford Motor Co., Mulally's compensation is expected to surpass that.
Ford would not disclose Mulally's pay package but confirmed that he was offered compensation that “would exceed Boeing's pay package to get him,” Joe Laymon, Ford's director of human resources, told the Wall Street Journal.
Ford spokesman Oscar Suris confirmed the accuracy of the statement, but declined to elaborate.
At Boeing, Mulally's 2005 compensation was 104 percent more than it was in 2004, when he earned $4.8 million. This year, Mulally will exceed his 2005 pay; he already has received at least $10.7 million in performance-based stock grants.
Among Mulally's Boeing perks: The company paid $83,000 for his personal use of company planes — and paid $7,586 in taxes on the benefit. He also gets a company-leased vehicle and club memberships for business purposes.
In 2003, he earned $1.9 million, receiving no long-term incentive bonus, like all Boeing company executives.
Mulally also is entitled to a pension at the level of his current base salary, which Boeing doesn't have to disclose until March, in its next proxy statement. He earned $825,000 in base salary in 2005.
