Ford’s CEO Mark Fields made ‘only’ US$18.6m in salary and other compensation last year, below the $23.2m predecessor Alan Mulally received in 2013, the company said.
Reuters noted that 2014’s package for Fields, 54, was for half the year as CEO and half as COO. For 2013, he made $10.2m as COO.
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Mulally, who was replaced by Fields on 1 July, made $22m in salary and other compensation for 2014. Ford’s board decided he deserved a full year’s worth of stock awards because the company felt his impact for the full year, a spokesman told Reuters.
General Motors has said CEO Mary Barra, would make about $14.4m for 2014 but has not yet revealed specifics.
Such top executive pay packets will no doubt be compared with that of unionised assembly line workers ahead of and during this summer’s labour contract talks with the United Auto Workers.
Ford executive chairman Bill Ford made $15.1m in 2014, up from $12m in 2013.
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By GlobalData“We remain absolutely committed to aligning executive compensation with the company’s business performance and to tying a significant portion of executive compensation to long-term shareholder value,” the company said in a statement cited by Reuters.
The report noted Ford executives are compensated in part on meeting performance targets. The company achieved 91% of the targets last year, compared with 112% in 2013. It passed targets for automotive cash flow, Ford Credit earnings and quality but missed on automotive revenue and operating profit margin.
