Ford 2012 Proxy Details Annual Meeting Information, Executive Compensation
DEARBORN, Mich., March 30, 2012 /PRNewswire/ -- Ford Motor Company (NYSE: F) today filed with the U.S. Securities and Exchange Commission its proxy statement for the 2012 Annual Meeting of Shareholders.
The proxy announces details about the company's Annual Meeting, which is scheduled for 8:30 a.m. EDT on Thursday, May 10, at the Hotel du Pont, 11th and Market Streets, Wilmington, Del.
Included in the proxy are three company and three shareholder proposals requiring the votes of shareholders. In addition, details of compensation for the Named Executive Officers are included.
"In 2011, we accelerated our transformation to a growing company under our One Ford Plan," the company said in its proxy statement. "We have consistently improved results over a sustained period of time. These results also have driven shareholder return."
Ford continued on the road to sustained profitability by delivering results that exceeded expectations. The company reported:
- Earning $8.8 billion in pre-tax operating profit, an increase of $464 million over 2010;
- Achieving our highest reported net income in more than 10 years of $7.8 billion (excluding non-cash special item(s)), which represents a $1.2 billion increase over 2010;
- Posting Automotive operating-related cash flow of $5.6 billion, an increase of $1.2 billion versus 2010;
- Reducing Automotive debt by $13.1 billion in addition to the $14.5 billion reduction in 2010;
- Increasing our net cash position by $8.4 billion at year-end to $9.8 billion;
- Increasing our U.S. market share for a third consecutive year, the first time this has been accomplished since 1989.
Additionally, Ford began paying a dividend to shareholders in the first quarter of 2012.
Because of Ford's exceptional performance during 2011, the Compensation Committee of the Ford board of directors approved payments for salaried employees under the company's Incentive Bonus Plan. The proxy provides specific details of total 2011 compensation for five Named Executive Officers.
The amounts shown in the proxy statement for stock and option awards represent the grant date value of these awards under applicable accounting rules – not actual compensation received by each Named Executive Officer.
Total 2011 compensation for the five current Named Executive Officers is:
- Alan Mulally, president and CEO, earned $2,000,000 in salary and $5,460,000 in cash bonus in 2011. Mulally's total listed compensation – including the grant date value of long-term stock options and other performance-based equity awards – was $29,497,572.
- Bill Ford, executive chairman, earned $2,000,000 in salary and $1,560,000 in cash bonus in 2011. Bill Ford's total listed compensation for 2011– including the grant date value of long-term stock options and other performance-based equity awards – was $14,458,146.
- Mark Fields, Ford executive vice president and president, The Americas, earned $1,350,000 in salary and $1,500,000 in cash bonus in 2011. His total listed compensation – including the grant date value of long-term stock options and other performance-based equity awards – was $8,840,183.
- Lewis Booth, Ford executive vice president and chief financial officer, earned $1,250,000 in salary and $1,400,000 in cash bonus in 2011. His total listed compensation – including the grant date value of long-term stock options and other performance-based equity – was $7,731,816.
- Joe Hinrichs, Ford group vice president and president of Asia Pacific and Africa, earned $751,250 in salary and $925,000 in cash bonus in 2011. His total listed compensation – including the grant date value of long-term stock options and other performance-based equity awards – was $5,302,360.
About Ford Motor Company
Ford Motor Company, a global automotive industry leader based in Dearborn, Mich., manufactures or distributes automobiles across six continents. With about 164,000 employees and about 70 plants worldwide, the company's automotive brands include Ford and Lincoln. The company provides financial services through Ford Motor Credit Company. For more information regarding Ford's products, please visit www.ford.com.
SOURCE Ford Motor Company