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.
“I’m very thankful to Mark and he had a really terrific career here, but this is a time of unprecedented change,” executive chairman Bill Ford said at a press conference introducing Mr Hackett as the new CEO. “A time of great change, in my mind, requires a transformational leader and thankfully we have that in Jim.”
Ford announced a series of moves within the senior leadership ranks below Mr Hackett, 62. Raj Nair will become president of North America, leaving his role as head of product development and chief technical officer.
Mr Nair will be succeeded by Hau Thai-Tang, who will also retain his role as Ford’s purchasing chief. Dave Schoch, president of Ford’s Asia Pacific operations, will retire and be replaced by Peter Fleet, who had been overseeing marketing, sales and service for the region.
Ford Europe chief operating officer Steven Armstrong will be appointed president of Europe, Middle East, and Africa.
Mr Ford will fill the newly created position of vice president of autonomous vehicles and electrification with Sherif Marakby, who’s returning to the company after leaving Uber Technologies last month.
Mr Fields, 56, will retain “reasonable use” of Ford’s corporate aircraft until August, the Michigan-based company said.
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