New Ford president and CEO Mark Fields, who took up the role today (1 July, 2014) will earn an annual base salary of $1.75m, the automaker said in a regulatory filing.

Fields will also receive 710,227 stock options, worth $17.21 each an increase in his annual incentive compensation plan target to 200% of the annual base salary for 2014.

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Ironically, Fields, criticised several years ago by local media for using, as part of his then-current compensation package, company-funded private jets to commute between a home in Florida and Ford HQ in Michigan (he subsequently switched to commercial flights paid for by Ford), now “will be required to use private aircraft when traveling for safety and to maximise his availability for company business”.

Ford’s compensation committee also decided that outgoing president and CEO Alan Mulally, who retired today, would retain the performance-based stock awards he received in March 2014, and that the automaker would continue its arrangements with him related to housing and travel for a transition period ending 31 August, 2014.

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