Photo: Ford; image edited by autoevolution
The Blue Oval's new helmsman, Mark Fields, has been granted a big salary increase for its promotion from COO to CEO and elected member of the directors board. As chief operating officer he made $1.58 million (EUR 1.16 million), but now his base salary hiked to a hefty $1.75 million (EUR 1.28 million).
But that's not the end of the story, oh no. 53-year old Mark Fields, the man that saved the Lincoln brand from being axed last year over underperforming sales, is also eligible to get $3.5 million (EUR 2.56 million) in incentives if he'll be a hard working lad throughout 2014, translating to an overall $5.25 million (EUR 3.84 million) or almost $599 (EUR 439) every hour 24/7.
If that wasn't mind-boggling enough for you, then you'll be surprised to find out that Alan Mulally's successor was also granted 710,227 in shares. Currently valued at $17.21, that would amount to a cool $12.2 million (EUR 8.93 million) on top of the $5.25 million (EUR 3.84 million) previously mentioned. Simple arithmetics show that the grand total is a cool $17.45 million (EUR 12.8 million).
However, this bit of extravaganza comes after the Blue Oval reported a 5.8 percent sales drop in June 2014, including a 2.7 decrease for the Lincoln brand. Taking into account that General Motors moved 1 percent more cars compared to June 2013 and Chrysler reported a whopping 9 percent increase in vehicle sales, that makes Ford the loser of the sales month. Oh deary Ford, that's not something to boast about to your pals, is it?
Even though former CEO Alan Mulally was a great guide for the Blue Oval throughout the disastrous bailout era and is credited for turning around the automaker by cutting costs and globalizing production, Mark Fields is a great asset for the Ford Motor Company according to colleagues and industry analysts. The manufacturer's market share and appeal in the United States might improve later in the year, when the 2015 Ford F-150 pickup truck and 2015 Ford Mustang pony car will hit dealerships nationwide.
If that wasn't mind-boggling enough for you, then you'll be surprised to find out that Alan Mulally's successor was also granted 710,227 in shares. Currently valued at $17.21, that would amount to a cool $12.2 million (EUR 8.93 million) on top of the $5.25 million (EUR 3.84 million) previously mentioned. Simple arithmetics show that the grand total is a cool $17.45 million (EUR 12.8 million).
However, this bit of extravaganza comes after the Blue Oval reported a 5.8 percent sales drop in June 2014, including a 2.7 decrease for the Lincoln brand. Taking into account that General Motors moved 1 percent more cars compared to June 2013 and Chrysler reported a whopping 9 percent increase in vehicle sales, that makes Ford the loser of the sales month. Oh deary Ford, that's not something to boast about to your pals, is it?
Even though former CEO Alan Mulally was a great guide for the Blue Oval throughout the disastrous bailout era and is credited for turning around the automaker by cutting costs and globalizing production, Mark Fields is a great asset for the Ford Motor Company according to colleagues and industry analysts. The manufacturer's market share and appeal in the United States might improve later in the year, when the 2015 Ford F-150 pickup truck and 2015 Ford Mustang pony car will hit dealerships nationwide.
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