Ex Ford CEO Fields leaves automaker with $51.1 million
Fields could earn an additional $3.6 million bonus as long as he's not hired by a competitor.
DETROIT — Ford’s former CEO Mark Fields is leaving the company with an estimated $51.1 million in cash, stock awards and pension benefits.
Fields, 56, is retiring after three years as CEO. Ford made record profits during his tenure but its stock price dropped nearly 40% on investors’ concerns about the company’s future.
Executive compensation tracking firm Equilar calculated Fields’ compensation for The Associated Press.
Fields will be eligible for $22.1 million in stock awards that are continuing to vest and an estimated $17.5 million in pension benefits.
He could earn a $3.6 million bonus, but not if he’s hired by a competitor.
Fields has $7.9 million in vested stock options, but other stock options currently have no value because Ford’s stock price has sunk so low.News from © Canadian Press Enterprises Inc. 2016