Ford’s new chief executive, Mark Fields, will be paid no less than $1.75 million (1.28M EUR) per year. The recently promoted CEO will see his salary grow 13% from $1.58 million (1.16M EUR) from the time he was a chief operating officer. He will also use a private jet for his travels.
Alan Mulally’s successor pay package also includes performance-based incentives of up to 200% of his base salary, or $3.5 million (2.56M EUR). Fields was also granted an additional 710,227 shares in the company that cannot be cashed in yet. Currently rated at $17.21 (12.6 EUR) each, this translates into a $12.2 million (8.93M EUR) bonus.
Mark Fields steps into Ford’s top spot at a slightly lower pay rate than his predecessor. Mulally was paid over $23 million (16.84M EUR) in 2013 with a base salary of $2 million (1.46M EUR) and a performance bonus of 175%.
"We continue to believe in aligning executive compensation with the company's business performance and long-term shareholder value," comments Susan Krusel, a spokesperson from the Blue Oval. "That's why more than 70% of our senior executive compensation is performance-based-tied to Ford's business performance and stock performance."