Ford CEO Will Earn USD 1.75 Million Every Year

Ford Motors has a new CEO in the form of Mark Fields. The newly appointed CEO has struck a good chord with the brand and will get a salary hike from his current pay of USD 1.6 million. Earlier Mark Fields was the Chief Operating Officer at Ford.

Mark Fields the current Chief Executive Officer will get a renewed salary package of USD 1.75 million. Ford will further better his pay by 9% if he delivers to Ford's expectations. They have also kept stock options opened for him, which will be offered to him based on his performance.

Alan Mulally was the former CEO of Ford and has passed the reigns to Mark Fields recently. Ford will also provide Mark Fields with a private jet for business travels. Ford admits they are willing to increase individuals salary based purely on performance.

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Ford has outlined Mark Fields compensation to the US Securities and Exchange Commission. The American manufacturer has revealed 70% of the senior executive's compensation is based on their performance solely. Former CEO Alan Mulally got USD 23.2 million as compensation in the previous year.

Mark Fields also gets stock options worth 7,10,227 the shares allotted have been trading at USD 17.27 per share. Field stock options can be utilised only after a year. Of which, two thirds can be used after a period of two years and the remainder of it can be utilised after three full years.

Mark Fields is at a benefit as Ford is much more stable than when it was handed over to former CEO Alan Mulally. Ford has been driven towards success thanks to Mulally who was CEO from 2006 and drove the American manufacturer out of recession.

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