DETROIT (WWJ) – Ousted CEO Mark Fields isn’t walking out of Ford World Headquarters empty-handed.
As part of this week’s resignation, Fields is expected to receive over $57 million in compensation, about half of that in unvested stock awards. The balance includes $17.5 million in retirement benefits, and over $10 million in stock options and bonuses.
Fields, 56, tendered his resignation after the Ford’s stock dropped 40 percent on his watch and the board lost confidence in his ability to manage the company through a rapidly changing industry on the decline.
Ford revealed in documents filed Wednesday that new CEO Jim Hackett, who got a $1 million bonus when he signed on last week, will have a base salary of $1.8 million per year. (That’s the same base pay as outgoing Fields).
Hackett is eligible for a bonus that could triple his base salary each year. He also received performance-based stock units worth $5.2 million over three years and stock units worth $1.75 million if he stays at Ford until 2020.
The company also approved $5 million in stock units over three years for Joe Hinrichs, who will be one of Hackett’s top executives and manage global operations. Hackett’s other top executive, Jim Farley, received a similar amount last week.
As Fields departs, Ford has announced multiple additional leadership appointments to create a reorganized team led by Hackett.
“The leadership changes we are announcing today across our global business are important as we foster even greater teamwork, accountability and nimble decision-making,” Hackett said, in a media release. “I am excited to work together with Bill Ford and such a talented and diverse group of leaders to create a more vibrant Ford that delivers value for all of our stakeholders.”
WWJ AutoBeat Reporter Jeff Gilbert says a lot of longtime Ford employees will be moving into new roles. Among them is Raj Nair, named executive vice president and president, North America, succeeding Joe Hinrichs. Also, Peter Fleet has named group vice president and president, Asia Pacific, succeeding Dave Schoch who will retire after 40 years with Ford, effective Aug. 1. [Get details on all Ford leadership changes].
© Copyright 2017 CBS Broadcasting Inc. All Rights Reserved. The Associated Press contributed to this report.