$13.4M for Ford's Hackett, a reported $57.5M for Fields
Quote originally posted by Rmc, elsewhere
Ford said Wednesday that new CEO Jim Hackett is eligible for at least $13.4 million in total annual compensation.
His prececessor, Mark Fields, meanwhile, who was ousted by the board over the company's 37 percent stock slide, could walk away with about $57.5 million in compensation, Bloomberg reports.
The bulk of Fields' consolation prize is in unvested stock awards worth $29.4 million, as of Wednesday's close, that will vest through 2020. Fields also is eligible for $17.5 million in retirement benefits, stock options worth $8.1 million and an incentive bonus of about $2.1 million.
Hackett, 62, a former chief executive of furniture manufacturer Steelcase, was named to replace Fields on Monday.
Hackett will earn a $1.8 million annual salary, up from $716,000 at his previous job as chairman of the Ford unit developing self-driving cars and related projects.
He will receive $7 million in stock-based compensation and pocket a $1 million bonus for becoming CEO. He is also eligible for an annual bonus of up to $3.6 million, plus compensation from his service at Ford's mobility unit. Some of the compensation for Hackett will vest over three years. Hackett was elected to Ford's board effective Friday.
Fields will retire from the company effective Aug. 1. He resigned from the Ford board immediately. He will be eligible for pro-rated incentive compensation through Aug. 1, a company retirement program, a voluntary separation program offered to some management employees.
In March, Ford said Fields received total compensation of $22.1 million for 2016, up nearly 19 percent from $18.6 million.