Ford fired its CEO last year. But he still made more than the new guy.
Mark Fields lost his job in May, but he took home $23.5 million for those five months of 2017. Jim Hackett, the new CEO, was paid $16.7 million -- for running Ford's self-driving car business in the first half of the year and as CEO for the second half
Hackett got a $1 million bonus when he was named CEO, and his annual $1.8 million salary was roughly equal to Field's pay rate the last two years. Prorated, Hackett took home $1.3 million in salary, and Fields got $1.1 million.
Part of the difference in pay between the two executives is that Fields got an $8.2 million exit package. Also, the value of Fields' defined benefit pension plan grew $6 million. Newer executives like Hackett do not participate in that kind of pension plan. Fields had been with Ford for 28 years at the time of his departure.
Related: Ford profits hit by lower sales, higher costs
Fields was fired partly because of Ford's stock slump. Ford (F) shares fell 37% over Fields' tenure as CEO. Since Hackett took the job, shares have been essentially flat, rising only 2% in 10 months, and badly trailing much larger gains in the broader market.
