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Mulally earns $34.5 million from shares granted for 2009 performance
DETROIT (AP) ' Ford CEO Alan Mulally is $34.5 million richer after shares granted two years ago vested this week.
Mulally was given 4.8 million stock units for his performance in 2009, when the company posted its first annual profit since 2005. Ford withheld 1.9 million shares for taxes. The remaining 2.85 million units were converted to shares worth $34.5 million at Tuesday's closing stock price of $12.09.
The stock awards were disclosed Tuesday in a regulatory filing. Mulally's 2011 salary and other compensation will be released later this spring.
Mulally's pay has been the subject of some anger among Ford's factory workers.
But the company says the pay is fair, and that the shares' value has gone up 500 percent since they were granted.