The largest portion of this sum will come from unvested stock awards valued at $29.4 million as of last Wednesday’s close. An additional $17.5 million in retirement benefits, $8.1 million in stock options, and an incentive bonus estimated at about $2.1 million rounds out the rest of the CEO’s compensation. In addition, Fields will retain reasonable use of Ford’s corporate jet until August 1st.
Mark Fields’ compensation for 2016 stood at $22.1 million – up 19 percent from the year before.
The Ford CEO was asked to resign amid frustration from the board and shareholders over Ford Motor Company’s declining share value. Mark Fields succeeded former CEO Alan Mulally in mid-2014. Before assuming that role, he led Mazda Motor Corporation while it was owned by Ford, headed up Ford’s Premier Automotive Group, and ascended to Chief Operating Officer in late-2012.
Mark Fields’ successor, former Steelcase CEO Jim Hackett, will receive compensation worth $13.4 million, Bloomberg reports. That includes a $1.8-million base salary, restricted stock grants worth $7 million and $1 million, and an annual incentive plan target of up to $3.6 million.