Last year was banner year for auto industry sales; however, Ford executives, led by CEO Mark Fields’ $18.6 million in compensation, fared well, they didn’t set new records in 2015.
Fields earned just under $18.6 million in salary and incentives, which was down from the previous year’s total of $18.9 million. The difference stems from a change in pension value. It dropped to $858,157 from $3.6 million in 2014. Pension values change annually due to a variety of factors, including discount rates and other issues beyond Ford’s control.
However, in terms of what Fields found in his paycheck every two weeks, his base salary increased from $1,662,500 to $1,750,000. Overall, his compensation includes a $3.2 million bonus, long-term stock options and other awards.
One perk of note: Ford spent more than $240,000 on personal use of aircraft for its CEO in 2015.
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Other senior Ford officials compensation was made available through the company’s proxy statement today, including Bill Ford Jr., executive chairman, who made $12,860,840 in total compensation last year, down from the $15,583,194 in 2014. His base salary of $2 million was unchanged from prior years. He also received $291,151 for personal use of an aircraft, as well as $928,150 for security.
Bob Shanks, chief financial officer, made $5,557,846 last year, down from $6,536,646. His base pay increased from $798,750 to $831,250 last year.
Joe Hinrichs, executive vice president and president of the Americas, made $6,418,180 last year, a raise over the $6,308,630 earned in 2014, including base pay increase to $1,018,750 from $936,250.
Jim Farley, president of Europe, the Middle East and Africa, made $5,804,965 last year, which was a jump from $4,690,513 in 2014. His base salary of $893,750 last year was an increase over the base salary of $868,750 he made in 2014.
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Fields’ counterpart at Fiat Chrysler, Sergio Marchionne’s compensation in 2015 dropped by 68% from the previous year when he was rewarded for completing the merger and integration of Italian carmaker Fiat SpA and U.S.-based Chrysler Group.
Not including stock awards, Marchionne earned 10.03 million euros, or $10.9 million, down from 31.3 million euros in 2014, according to the company’s annual report made public on Monday.
Marchionne, 63, received a salary of 3.6 million euros and was awarded 6.3 million in incentive compensation, as well as a travel allowance of 126,620 euros. His 2014 compensation included a one-time bonus of 24.7 million euros for finishing the Fiat-Chrysler merger.
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General Motors’ proxy statement has yet to be released, but it should be noted that Ford and GM report their executive salaries differently than Fiat Chrysler Automobiles NV, which does not include some stock and potential performance-based equity awards.