Ford Executive Chairman: We need to be quicker

Ford’s Jim Hackett got a nice bump in pay to go with his completely new CEO title.

His annual base salary will currently be $1.8 million, up coming from the $716,000 he was earning as the head of the Ford unit developing self-driving cars. Since he’s assuming the completely new job roughly several months into the year, the raise will take his base pay for the year to just over $1 million.

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He’ll also get a $1 million signing bonus, as well as a performance-based bonus worth up to $3.6 million.

Related: Ford’s completely new CEO’s resume includes furniture along with football

In addition, he’ll get stock grants in which could be worth as much as $6 million in which are also tied to job performance.

Hackett’s completely new annual base salary can be roughly on par with what his predecessor Mark Fields received in 2016, though Hackett can be getting $12,500 more.

Fields’ 2017 salary?? has yet to be reported. although his total compensation last year came to $22.1 million including stock along with bonuses. Hackett total package could end up being of comparable value when the shorter time within the top job This kind of year can be taken into account.

Related: Why Ford fired its CEO

Ford’s shares plummeted nearly 40% during Fields’ tenure, along with he was replaced by Hackett on Monday. Ford Executive Chairman Bill Ford, the great-grandson of the company founder, said the company needed to move faster to develop a completely new generation of electric along with self-driving cars.

sy88pgw (completely new York) First published May 25, 2017: 12:59 PM ET


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