Ford new CEO scores pay hike, $1 million signing bonus

Ford Executive Chairman: We need to be quicker
Ford Executive Chairman: We need to be quicker

Ford's Jim Hackett got a nice bump in pay to go with his new CEO title.

His annual base salary will now be $1.8 million, up from the $716,000 he was earning as the head of the Ford unit developing self-driving cars. Since he's assuming the new job roughly five months into the year, the raise will take his base pay for the year to just over $1 million.

He'll also get a $1 million signing bonus, as well as a performance-based bonus worth up to $3.6 million.

Related: Ford's new CEO's resume includes furniture and football

In addition, he'll get stock grants that could be worth as much as $6 million that are also tied to job performance.

Hackett's new annual base salary is roughly on par with what his predecessor Mark Fields received in 2016, though Hackett is getting $12,500 more.

Fields' 2017 salary has yet to be reported. But his total compensation last year came to $22.1 million including stock and bonuses. Hackett total package could end up being of comparable value when the shorter time in the top job this year is taken into account.

Related: Why Ford fired its CEO

Ford's shares plummeted nearly 40% during Fields' tenure, and he was replaced by Hackett on Monday. Ford Executive Chairman Bill Ford, the great-grandson of the company founder, said the company needed to move faster to develop a new generation of electric and self-driving cars.

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