Ford CEO Hackett eligible for $13.4 million in yearly compensation

James Hackett

Ford Motor stated on that new CEO James Hackett is eligible for a minimum of $13.4 million in total yearly compensation.

Hackett, 62, a former CEO of furnishings producer Steelcase Inc, was named to replace CEO Mark Fields on Monday.

Hackett will make a $1.8 million yearly wage, up from $716,000 at his previous job as chairman of the Ford unit making self-driving vehicles and associated jobs.

He will get $7 million in stock-based compensation and pocket a $1 million reward for becoming CEO. He is likewise qualified for a yearly bonus of approximately $3.6 million, including compensation from his service at Ford’s mobility unit.

Fields will retire from the automaker effective August 1. He resigned from the Ford board right away. He will be qualified for pro-rated reward compensation through August 1.

Fields will also be eligible for a company retirement program, a voluntary separation program provided to some management staff members.

In March, Ford stated Fields received overall compensation of $22.1 million for last year, up almost 19 percent from $18.6 million.

Joe Hinrichs, head of the Americas from December 2012, who was named on Monday to handle global product development, manufacturing and labor affairs, buying, and environmental and safety engineering, got a $5 million limited stock-based grant.

He got overall compensation of $6.7 million in last year.

A few of the compensation for Hackett will vest over three years. Hackett was elected to automaker’s board effective Friday.

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