NEW YORK (CNNMoney.com) -- Ford Motor CEO Alan Mulally received close to $1 million more last year than in 2008, despite a big cut in base pay and no cash bonus, according to a filing from the automaker.
Thanks to Ford's soaring stock price, Mulally received $17.9 million in total compensation for 2009, up 6% from his 2008 package, according to the company's preliminary proxy report filed Monday morning.
A year ago when losses were still mounting and Ford's ability to avoid bankruptcy was less certain, the company announced that it was cutting Mulally's base pay by 30% for both 2009 and 2010 to $1.4 million for each year from $2 million in 2008. He and other top executives at Ford also didn't receive cash bonuses for the second straight year.
But he did receive a grant of 851,235 shares of Ford stock during the year, up about 100,000 shares from 2008. And those shares were valued at about $11 million, more than twice the value of his stock awards in 2008. However, the rise in overall compensation was limited by a drop in the value of his stock options to $5.1 million in 2009 from $9.4 million.
A year ago the company also suspended merit pay increases and matches to 401(k) plans for its full range of salaried employees in an effort to save cash. Monday Ford announced it would begin granting merit pay increases to its salaried staff and resume 401(k) matches to those workers.
Ford (F, Fortune 500) shares rose more than 3% in morning trading Monday. Its stock is up nearly 500% since the end of 2008 as Mulally has been able to lead a turnaround at the company that its rivals are still struggling to achieve.
Ford was the only U.S. automaker that avoided a federal bailout and bankruptcy filings that wiped out shareholders at General Motors and Chrysler Group. It gained U.S. market share for the first time since 1995, and achieved its first profitable year since 2005. 
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