In the midst of a major executive shakeup as it continues to execute its Ford+ plan for the future, one of The Blue Oval’s many hires originating from tech giants was Doug Field, former Apple VP of special products, who was hired to be Ford’s chief advanced technology and embedded systems officer back in September 2021. Now, Field has reportedly made a major Ford stock purchase that totals a whopping $2 million, according to Barron’s.
According to a regulatory filing, that purchase totaled 182,000 shares of Ford stock, which Field acquired at an average cost of $11.05 per share – accounting for a total of around $2 million. It also brings Field’s total ownership of Ford stock up to 720,000 shares (not including restricted stock units), though this latest purchase appears to be the executive’s first open-market acquisition – at least in terms of The Blue Oval’s stock.
Back in December 2022, the automaker’s board’s compensation committee recommended that Field hold three times his base salary of $500,000 in Ford stock, though he has far exceeded that number now. As such, it seems as if Field is bullish on the current state of that stock, which has dropped by around 18 percent over the past year largely due to slow EV sales growth and soaring interest rates.
Regardless, large stock purchases by Ford executives are certainly nothing new, as CEO Jim Farley bought $1 million dollars worth of shares back in May 2020 – which, at the time, was the largest open-market share purchase by a Ford executive in at least the past 10 years. A few months later, executive chairman Bill Ford bought $2 million dollars worth of Ford stock as well, all while other auto execs were busy selling off shares.
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Comment
If the prices don’t come down, the execs will be the only ones buying their products, too.