Ex-Ford Motor chief to bank $57.5m despite $25bn shares slump

Former Ford Motor chief Mark Fields, who led the company as it lost almost $25bn (€22.3bn) in market value, could walk away with payouts worth about $57.5m.

The largest portion of the ex-CEO’s compensation will be in unvested stock awards valued at $29.4m. Those will vest through 2020, with the majority tied to performance goals. Mr Fields is also entitled to about $17.5m in retirement benefits, plus stock options worth $8.1m and an estimated prorated incentive bonus of about $2.1m.

Mr Fields agreed to resign on May 19 after the board lost confidence in his ability to embrace the changing nature of transportation while managing through a declining US car market. He was replaced by Jim Hackett, the former CEO of US office-furniture maker Steelcase, who was leading Ford’s foray into self-driving cars and ride sharing. While Ford’s stock slid during Mr Fields’s nearly three years as CEO, the carmaker did earn record profits.