Ford CEO Alan Mulally will be sitting pretty when he retires from the helm of the Detroit-based motor company. CNNMoney reports the 68-year-old CEO has about 25.7 million combined shares and stock options, worth about $419 million at current market value.
After spending the necessary cash to exercise his options, Mulally would be left with about $300 million worth of Ford shares—a notably large fortune for the CEO of an industrial company.
Mulally, who is ranked among the 12 top-paid CEOs, helped keep the decades-old automaker afloat during the recession and has led the company to a strong comeback in the years following. Though he’s only been at the helm for eight years, Mulally is expected to retire this year. A company spokesperson told CNNMoney his compensation — Mulally reportedly makes about $44.2 million in salary and bonuses — is a reflection of his hard work.
“We believe strongly in aligning executive compensation with the company’s business performance and long-term shareholder value,” said Susan Krusel. “That’s why almost 90 percent of Alan’s compensation is performance based.”
Ford profits for Q1 of this year fell when compared to the same period last year, but the company beat revenue expectations.