Despite Being Fired, Ford’s Former CEO Is in for a Huge Payday
Mark Fields will officially retire on Aug. 1, and he’s been granted “reasonable use of company aircraft” and other sweet perks until his last day on the job.
There’s no doubt that being the big boss has some very big perks. While some of us plebes are often snarky about a company executive’s pay, perks and privileges, it’s true that company CEOs often deal with outrageous amounts of pressure and responsibility.
Mark Fields was fired by the board of directors in Dearborn, and William Clay Ford Jr. publicly showed his discontent with him, but he’s not quite done with the Blue Oval. At least not yet. According to sources, Fields won’t officially retire until August 1, 2017, and recent U.S. Securities and Exchange Commission filings show that he’s been granted “reasonable use of company aircraft until then.”
Traveling by private aircraft is pretty neat, but what’s even neater is the payday Fields has coming up. According to Bloomberg, the 56-year-old will receive unvested stock awards valued at $29.4 million and “is entitled to $17.5 million in retirement benefits, plus stock options worth $8.1 million and an estimated prorated incentive bonus of about $2.1 million.” If you suck at math like we do, don’t worry, we already figured out the grand total: $57.5 million bucks.
Like most CEO compensation plans, Fields won’t receive an actual check for the lump sump, as nearly $30 million worth of Ford stock will remain unvested until 2020. Despite Ford shares dropping nearly 40% in value during his reign, Fields led the company to record-breaking profits.