Mark Fields will get a pay package of $5.25 million this year after stepping up from chief operating officer of Ford Motor Co. to his new job of CEO.
Fields, who became CEO yesterday upon the retirement of Alan Mulally, will get $1.75 million in salary and is eligible for a bonus of $3.5 million, Ford said in a regulatory filing.
Fields made $10.2 million last year as COO, including stock options and performance-based stock awards, the company said .
As CEO, he also will get 710,227 in stock options at an exercise price of $17.21, the equivalent of about $3 million. The job also restores his use of a private jet to travel from Ford’s Dearborn, Mich., headquarters to his home in Miami, a perk he lost in 2006 as Ford tried to cut costs.
Fields’ pay scale is considered moderate by CEO standards, but may be revised as he proves what he can do in the top job.
He’s not making quite as much as Mulally, who is credited with guiding the automaker through the bailout period. Mulally received $2 million in salary and $5.88 million in bonus but his total compensation was valued at $23.2 million last year.
He led a major restructuring at the automaker, cutting costs, closing plants and globalizing Ford’s production.
Mulally keeps the performance-based stock awards he received in March, and the company will pay for housing and travel through Aug. 31. Associated Press estimates he has earned $197.65 million since joining Ford in 2006.