The recently appointed Ford chief executive officer Mark Fields was compensated with $18.6 million for its performance in 2014, less than what predecessor Alan Mulally gained in 2013, when his salary and bonuses amounted to $23.2 million.
The mark could have been lower not because Fields, 54, was younger or inexperienced in the position, but also because last year’s payment was six months for the chief operating officer position and that lower rank yielded Fields back in 2013 just $10.2 million. Mulally was replaced by Fields on July 1, 2014 and still earned $22 million in salary and other compensation for his performance last year. According to a company spokesperson, the higher payment was attributable to the board’s decision to grant him a full year’s worth of stock awards – with the company feeling the effects of his leadership throughout the entire year. When it comes to rivals, Fields was bested by Fiat Chrysler Automobiles chief executive officer Sergio Marchionne, who was granted 31.3 million euros (about $38 million), mainly for his architect role in the much-anticipated unification of Fiat Spa and Chrysler Group LLC into Fiat Chrysler Automobiles NV. Meanwhile, the largest US automaker, General Motors has announced its chief executive, Mary Barra, would earn around $14.4 million for 2014.
Fields, Marchionne and Barra’s compensations will come under scrutiny soon as the UAW union is preparing for the summer contract talks when unionized assembly line worker salaries will come into discussion. Additionally, Ford Executive Chairman Bill Ford also had his salary increased from the 2013 level, to $15.1 million last year from $12 million in 2013.