Former Ford CEO Alan Mulally's compensation fell 5 percent to $22 million in his final year at the company, reflecting lower profits as the company invested heavily in new vehicles and plants.

Ford reported 2014 compensation Friday in its proxy filing with the federal government. The company also announced that its annual meeting will be held May 14 in Wilmington, Delaware.

Mulally, 69, retired July 1. As a result, he earned $1 million in salary compared with $2 million in 2013. He did not receive a bonus in 2014, but did earn $13.9 million in stock and option awards, down 5 percent from a year ago. Among his benefits upon retirement: A free car.

In his eight years at Ford, Mulally earned a total of $219.65 million. His pay was the subject of some anger at Ford's manufacturing plants. But he was widely credited with bringing the company back to profitability after its near-bankruptcy in 2006.

-- Associated Press