Ford will pay CEO Alan Mulally a pre-tax lump-sum after his retirement equal to five times the amount of Ford's contribution to his Ford Retirement Plan and Benefit Equalization Plan, according to a letter the company filed Tuesday with the Securities and Exchange Commission.

The letter, signed by Felicia Fields, Ford group vice president for human resources, does not state a specific amount to be paid. But it says that under Mulally's 2006 hiring agreement he "will be credited four additional years of service for every year of actual service." His Ford retirement benefits were vested after one year of employment, the letter states.

Mulally came to Ford in 2006 following a brief retirement from Boeing. He is credited with leading the automaker's turnaround. After losing $30.1 billion from 2006 through 2008, Ford has earned $35.2 billion from 2009 through 2012, including net income of $5.67 billion in 2012.

The 67-year-old Kansas native implemented a "One Ford" strategy meant to reduce duplicated efforts and use more common parts designs in Ford's vehicles across most global regions.



Ford discloses payout in Mulally's retirement plan

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