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Ford Motor Co (F.N: Quote, Profile, Research) reported on Friday that Chief Executive Alan Mulally earned more than $22 million in 2007, citing progress in revamping strategy and structure at the struggling No. 2 U.S. automaker.

Ford, which lost $2.7 billion in 2007, noted Mulally steered through a new four-year contract with the United Auto Workers (UAW) that will allow it to hire new workers at lower wages.

In a statement issued with its annual report, Ford listed Mulally’s 2007 compensation as $21.7 million based on the current accounting standard that includes stock and option grants that vested during the year.

Under a calculation that excludes the value of stock-based compensation that was granted rather than the amount that vested, Mulally’s pay for 2007 was $22.75 million.

That compared to $39 million in total compensation that Mulally was paid in 2006, when he was hired away from Boeing Co (BA.N: Quote, Profile, Research) and received a signing bonus.

Ford paid Chief Financial Officer Don LeClair $11.7 million, including a bonus award of $3 million and the recognition of a higher value for his pension cash till payday. Including stock-based compensation that was granted rather than the amount that vested, LeClair was paid $12.7 million.

Ford paid Mark Fields, the head of its operations in the Americas and a candidate to succeed Mulally, $14.2 million including the value of stock-based awards granted in 2007.

Mulally’s compensation included a $2 million salary and an incentive bonus of $7 million. 

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