Ford Motor Company President and CEO Mark Fields saw his compensation – including salary, bonuses, and stock awards – rise 8 percent for 2016, to a total of $18.8 million. With pension and perks included, the 56-year-old CEO made $22.1 million for the year.
According to Yahoo!, Ford says that part of the increase in Mark Fields’ earnings for the year was from 2016 performance bonuses, and another chunk was from a portion of a three-year performance goal set for 2016 through 2018.
The Ford CEO’s pension award for 2016 was nearly $2 million greater than in 2015, due in large part to fluctuation in interest rates and changes to government-issued mortality tables, said the automaker. Company profits were lower in 2016 than the year prior – $10.4 billion before tax vs. $10.8 billion. The automaker anticipates another decline this year to roughly $9 billion as it invests in mobility and its self-driving-car program, and expects increased spending on commodities and warranties, along with a downturn in vehicle sales.
Yahoo! reports that Ford Executive Chairman Bill Ford also saw his compensation increase in 2016, by 10 percent to $11.1 million. He took home an additional $1.45 million in pension.