Alan Mulally has left on July 1 the second largest US automaker, making way for his groomed successor – chief operating officer Mark Fields.
Normally, going from the second best to the best overall position in a company should come with some monetary incentives, besides the bigger corner office and responsibilities. So, yesterday Ford announced in a filling of documents to US regulators that incoming CEO Mark Fields’ base salary would grow by 9%, while also receiving additional stock options and a bonus based on achieved performance targets.
Last year Fields received as COO a base pay of $1.6 million, which goes up to 1.75 million for 2014 – for comparison, outgoing CEO Alan Mulally took home $2 million last year, while his total compensation reached $23.2 million. Fields also had a big total compensation in 2013 – reaching $10.2 million.
According to Ford, while the US Securities and Exchange Commission filling did outline Fields compensation for the rest of the year, the total pay for 2014 would only be disclosed in full when the company files its next proxy in 2015. The US automaker added that Fields senior executive package is 70% performance based and that his target bonus for the year has gone up from $2.4 million in 2013 to $3.5 million in 2014.