Big wheels pay dearly for wrong turns

Ford Motor Co slashed Chief Executive Officer Alan Mulally's compensation by more than a third to $13.6 million last year, when the automaker lost a record $14.7 billion and the stock fell 66 percent.

Mulally's compensation included $2 million in salary and no bonus, according to a regulatory filing on Tuesday. Ford, which had a 17.5 percent decline in global vehicle sales in 2008, is the only major US automaker not seeking US loans. Ford said in the filing that it achieved 15 percent of its 2008 performance targets for pretax profits, cash flow, cost cuts, market share and vehicle quality.

In 2007, Mulally, 63, received a total pay package valued at $21.7 million, which included $2 million in salary and $7 million in bonuses. Mulally, recruited from Boeing Co in 2006, received a package valued at $28.2 million from the Dearborn, Michigan-based automaker that year, including compensation for payments he would have received from the Chicago-based aircraft maker.