New Ford CEO eligible for $13.4 million in annual compensation
- Author: Anthony Vega May 26, 2017,
May 26, 2017, 8:10
Ford Motor Co. continues to shake-up its top management team following the ouster earlier this week of former Chief Executive Mark Fields and the appointment of Jim Hackett as the No. 2 US auto maker's new boss.
CEO Jim Hackett will have a base salary of $1.8 million per year.
To access this content simply register belownow. Fleet, 50, will lead all Ford's operations and partnerships in Asia Pacific, effective July 1.
As part of the executive changes earlier this week, Jim Farley was made executive vice president and president of Global Markets and put in charge of Ford's electric vehicle plans.
Hackett was the CEO of furniture maker, Steelcase, for 20 years and interim athletic director at the University of MI where he also played football. Hackett led Steelcase Inc.'s turnaround to become the world's No. 1 office furniture maker, served as interim Athletic Director at University of MI and has led Ford Smart Mobility LLC since March 2016. Hinrichs on Tuesday was awarded a time-based restricted stock unit grant worth $5 million. He is also eligible for an annual bonus of up to $3.6 million, plus compensation from his service at Ford's mobility unit.
Ford shares were up slightly premarket, 0.9% to $10.97 per share. Hackett was elected to Ford's board effective Friday.Ford replaced Fields amid investor unease about the USA automaker's slumping stock price and its ability to counter threats from longtime rivals and Silicon Valley.Moody's senior vice president Bruce Clark said in a research note the announcement is credit negative and could reflect more serious challenges than previously known. His total compensation was $22.1 million.
Hackett and Ford's Executive Chairman Bill Ford said earlier this week that the management changes are meant to help the company make big, strategic decisions more quickly.
The management shuffle announced Thursday morning also includes the departure of at least one top executive: Dave Schoch, a 40-year Ford veteran now running Ford's Asia Pacific operations, will retire.
Bradley Gayton named group vice president, chief administrative officer and general counsel.
Kenneth R. Kent named vice president and treasurer.