At $57 Million, Mark Fields Walks Away from Ford with More than Most of us Make in a Lifetime
Only in America...by Robert Moore, on
Let’s face it, getting fired really sucks. You get escorted out of the building, get your last check, and hope you have enough to get by until you find more work. When you work high up in a company like Ford, however, it’s a completely different ballgame. And, while Mark Fields may have been forced out as CEO, he could walk away with as much as $57.5 million. Let that sink in for a minute… $57.5 million. That’s the word according to Automotive News who took the time to sit down and determine just what Fields’ payout just might be. As the story goes, the man could walk away with as much as $29.4 million in unvested stock awards, $17.5 million in retirement benefits, $8.1 million in stock options, and $2.1 million in prorated incentive bonuses.
Considering Ford’s stock declined by a total of 37% between the time he took over the helm and the time he was forced to resign, that’s a pretty damn good payout. Nothing like getting paid royally for a job poorly done, huh? To add fuel to the Fire, Ford saw fit to increase his total compensation last year to a total of $22.1 million, or 19 percent. His replacement, Jim Hackett, also receives a pretty good deal for taking over the helm. His compensation comes to a total of $13.4 million, which includes a $1.8 million base salary, stock grants worth $3.6 million, $1 million in accession bonuses, and $3.6 million in annual incentive plans. When you take into account Hackett’s last known salary at $716,000, he’s sitting pretty well too. The question is, however, will he be able to do what Mark Fields couldn’t?
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The Corporate Life
Say what you want about Ford's share price, we still got this beauty under Fields' leasership, and that's a big win in my book
I’ve got to say that after seeing what Fields is potentially walking away with, and the removal of stress that was undoubtedly looming over his head with that declining stock price, the man doesn’t have much of anything to worry about. It probably still sucks to realize that you failed miserably at a job, but in his place, I don’t think I’d be that pressed about it. When it comes to Ford, they aren’t exactly paying pennies on the dollar for their new helmsman either, so hopefully, it all works out. Hackett used to be the CEO of Steelcase, which made office furniture. Surely, the automotive business is quite a bit different. Hopefully, it all works out for Fields, Hackett, and Ford, but one can’t help but wonder if Fields was about to hit his stride as CEO. After all, he was only at the helm from 2014 to 2017, and you know the sunlight always comes after the rain.
What do you think? Should Fields walk away with nothing or should Ford have given him more time at the risk of stock prices dropping even more? Will Hackett be able to turn things around? Let’s talk about it in the comments section below.