New Ford CEO gets $5.25M pay package, plus options

DEARBORN, MI - JUNE 24:Incoming Ford CEO Mark Fields will get a pay package worth $5.25 million this year, stock options that could drive that figure much higher, and use of a corporate jet to travel to his home near Miami. (Photo by Joshua Lott/Getty Images) (Joshua Lott, 2014 Getty Images)
Incoming Ford CEO Mark Fields will get a pay package worth $5.25 million this year, stock options that could drive that figure much higher, and use of a corporate jet to travel to his home near Miami. (Joshua Lott, 2014 Getty Images)
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Updated: 7/02 10:00 am

DETROIT (AP) — New Ford CEO Mark Fields will get a pay package worth $5.25 million this year as he takes over for the retiring Alan Mulally.

But he'll get stock options that could drive that figure much higher. And the company will restore his use of a corporate jet to travel back and forth from his home near Miami.

Ford revealed Fields' compensation Wednesday in a regulatory filing.

He'll get a $1.75 million base salary, plus $3.5 million in incentive compensation. And the company is offering him options to buy more than 710,000 shares of stock at Tuesday's closing price of $17.21 per share.

Fields took over for Mulally on Tuesday. Even with the options, Fields has a long way to go to match Mulally's package of $23.2 million last year.

 

©2014 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.

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