By Chris Isidore@CNNMoneyMarch 15, 2013: 2:39 PM ET
NEW YORK (CNNMoney)
Ford Motor cut the pay of CEO Alan Mulally 29% in 2012, although the executive credited with the automaker's turnaround still received a $21 million compensation package.
The drop, disclosed in a company filing on Friday, came because Ford fell well short of numerous internal performance targets used to set pay for top executives.
Mulally's base pay of $2 million remained unchanged from 2011, but his cash bonus fell by $495,000 to $1.3 million. The value of the stock options he received was unchanged at $7.5 million, but the direct stock awards were cut to $6.8 million from $13.9 million. And his incentive cash pay was cut to $2.6 million from $3.6 million.
The value of other perks that are considered compensation, including items like personal travel on corporate jets, came to $681,000.
Mulally has accumulated Ford stock worth more than $300 million in the six-plus years he has led Ford, according to an analysis of previous filings done for CNNMoney by Disclosure Matters, a research service that examines corporate filings.
Despite the cut in his 2012 pay, Mulally's holdings grew in value because of the more than 1 million new shares and options he received last year.