DEARBORN, Mich. -

Ford Motor Co. Chief Executive Alan Mulally's compensation rose 11 percent to $29.5 million in 2011, with a salary increase offsetting a drop in his performance-based bonus.

Mulally earned $2 million in salary, up 43 percent from 2010, and stock awards valued at $13.9 million, up 86 percent from the prior year. His performance bonus fell 42 percent to $1.8 million, as the company fell short of market share and quality targets in its worldwide markets.

Mulally's pay has been the subject of some ire among Ford's factory workers, and United Auto Workers President Bob King has called his compensation level "morally wrong." But Ford says Mulally's pay is fair, pointing out that a majority of his compensation is tied to the success of Ford's shares.