• by Laurie Sullivan  @lauriesullivan, July 17, 2014

Google named former Ford Motor Co. CEO Alan Mulally to its board of directors to serve on the company's audit committee demonstrating the importance of its partnership with the automotive industry. He takes a seat less than two months after Google unveiled a prototype of its latest self-driving car, and a month since announcing the integration of Android.

Reports suggest, Mulally will receive an initial grant of $1 million in Google stock, an annual equity award of $350,000; with a $75,000 cash retainer and reimbursement of expenses.

His appointment to Google's board is less than two months after the technology company unveiled the latest prototype of its self-driving car; Mulally stepped down from Ford July 1, six months earlier than expected. Mulally held the title of Ford CEO from September 2006 through June 2014, and from March 2001 to September 2006, he served as EVP of Boeing and president and CEO of Boeing Commercial Airplanes.

"I am honored to serve on the board of a global iconic company that is dedicated to enhancing our lives," Mulally said in a prepared statement.

Mulally's automotive expertise and Detroit connections should support Google's moves into self-driving cars.

Mulally also was on Steve Ballmer's short list, being considered for the role of Microsoft CEO. At the time, he publicly stated his disinterest in taking the job at Microsoft and would stay with Ford at least through 2014.