Ford CEO's pay falls 29 percent to $20.95 million in 2012 as losses in Europe weigh on board

Ford Motor Co. Chief Executive Alan Mulally's compensation fell 29 percent to $20.95 million in 2012 as the company's board weighed record North American profits and quality improvements against heavy losses in Europe and lower market share in the U.S. and elsewhere.

Ford reported Mulally's compensation Friday in its annual proxy filing with the federal government.

Mulally earned $2 million in salary, the same as he earned in 2011. But his bonus fell 27 percent to $1.3 million and his stock awards dropped by half to $6.8 million. He received $7.5 million in stock options.

Ford's earnings fell by $300 million to $5.66 billion in 2012, largely because of a $1.75 billion loss in Europe.

Ford also announced that its annual meeting will be held May 9 in Wilmington, Del.

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