Mark Fields, the CEO of Ford who was ousted as the company’s stock price slid near 40% of its value during his tenure, could see a payout of $57.5 million, according to Bloomberg.
The news service reported that Fields, who was replaced this week by former Steelcase CEO Jim Hackett, will receive unvested stock awards valued at $29.4 million and “is entitled to $17.5 million in retirement benefits, plus stock options worth $8.1 million and an estimated prorated incentive bonus of about $2.1 million.”
The invested stock awards “will vest through 2020, with the majority tied to performance goals,” Bloomberg reported.
Fields also gets “reasonable use of the company aircraft” until Aug. 1, when he officially retires, according to a filing this week with the U.S. Securities and Exchange Commission.
Ford was profitable during Fields’ tenure, but the stock price suffered — Bloomberg said Ford lost almost $25 billion in market value — and the company needs to reposition itself as the auto industry contends with competition from Silicon Valley and massive technological changes.
Company leaders expect Hackett to be a change agent for Ford as he shifts from leading Ford Smart Mobility to CEO.
Hackett, who is also a former interim athletic director at the University of Michigan, will make $1.8 million per year in salary, receive a $1-million bonus and get $7 million in stock grants, some of which will be based on performance, and up to $3.6 million (double his base salary) as part of an annual incentive plan.
Hackett may also receive stock grants related to his time leading Ford Smart Mobility. Those will be disclosed next year.