DETROIT (AP) — New Ford CEO Mark Fields will get a pay package worth more than $5.25 million this year as he takes over for the retiring Alan Mulally.
He'll also get stock and options that could drive that figure much higher. And the company will restore his use of a private jet to travel back and forth from his home near Miami.
Ford revealed a portion of Fields' compensation Wednesday in a filing with the U.S. Securities and Exchange Commission. The Dearborn, Michigan, company says it will disclose the total value of Fields' package in its annual proxy statement next year.
Fields made $10.2 million last year as chief operating officer, including stock options and performance-based stock awards, the company said.
For 2014, he'll get a $1.75 million base salary, plus $3.5 million in incentive compensation. The company also is offering him options to buy more than 710,000 shares of stock at Tuesday's closing price of $17.21 per share, an incentive to move the stock price higher.
Ford also said in the filing that Fields will use private aircraft when traveling "for safety and to maximize his availability for company business."
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