Ford CEO Mark Fields' compensation rose 8 percent in 2016

Fri Mar 31, 2017 10:16am EDT
 
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By Nick Carey

DETROIT (Reuters) - Ford Motor Co (F.N: Quote) Chief Executive Officer Mark Fields' salary, bonus and stock awards rose 8 percent to a total of $18.8 million in 2016, while pretax profit for the automaker fell slightly from 2015's record high, it said on Friday.

Including pensions and perks, Fields made $22.1 million, up nearly 19 percent from $18.6 million. His pension award was nearly $2 million higher in 2016 than in the previous year.

The company said the compensation increase stemmed partly from performance bonuses based on a single-year target for 2016 and a portion of a goal for the three years through 2018.

Fields, 56, became CEO in the summer of 2014.

The company earned a pretax profit of $10.4 billion in 2016, down slightly from $10.8 billion in 2015.

Last week, the automaker said it expected lower earnings per share in the first quarter and a drop in pretax profit in 2017 to $9 billion due to increased spending on commodities, warranties and investments and a drop in sales volume.

After a strong run in sales for automakers since they emerged from the Great Recession earlier this decade, investors are watching to see whether the current boom cycle is losing steam.

U.S. sales of new cars and trucks hit a record high of 17.55 million units in 2016. Automakers are set to release sales for March on Monday.   Continued...

 
Ford president and CEO Mark Fields speaks near the logo of shuttle van startup Chariot, during the North American International Auto Show in Detroit, Michigan, U.S., January 9, 2017.  REUTERS/Rebecca Cook