According to a a filing with the U.S. Securities and Exchange Commission, it was revealed that new Ford Motor Company (NYSE:F) CEO Mark Fields has been granted a compensation package worth more than $5.25 million this year as he takes over for retiring chief exec Alan Mulally.
Mark Fields will, however, also receive stock and options that will likely result in much higher total compensation for the year. Furthermore, Ford Motor Company (NYSE:F) company will also restore the use of a private jet to travel back and forth from his home near Miami that was rescinded back in 2009.
Details on Ford CEO Fields compensation package
Incoming CEO Mark Fields is set to earn a $1.75 million base salary in 2014, plus up to $3.5 million in incentive compensation. Ford Motor Company (NYSE:F) is also offering him options to buy more than 710,000 shares of stock at Tuesday’s closing price of $17.21 per share.
The company also revealed in the filing that Fields will use the firm’s private aircraft when traveling “for safety and to maximize his availability for company business.”
Fields perk of using company jets to travel home on weekends was stopped back in late 2006, as the company was struggling financially at the time. Fields, who was heading up the Americas unit at the time, agreed to end the private flights in 2007 following complaints from dealers and shareholders.
The SEC filing also reported that Mark Fields earned $10.2 million last year as COO, including both stock options and performance-based stock awards.
Outgoing CEO Mullaly made almost $200 million during his tenure at Ford
Company filings show Mullaly, a former Boeing executive before joining Ford Motor Company (NYSE:F) in 2006, received compensation valued at $23.2 million last year.
As of March of this year, Mulally had been compensated a total of $197.65 million over the last eight years, according to calculations by The Associated Press. Mullaly was the point man for a major restructuring at the automaker at the time, reducing costs by closing factories and aggressively expanding globally. Ford Motor Company (NYSE:F) has earned more than $42.4 billion since 2009.
The SEC filing also revealed that Mulally will keep performance-based stock awards he was awarded in March, and Ford will continue to pay for housing and travel through August 31.