After three years as CEO at the Ford Motor Company, Mark Fields, age 56, will be leaving the company with a compensation package valued a $51.1 million. The pay-off will be in a combination of cash, stock awards, and pensions.
During his tenure as CEO Fields made historic profits for the company. Now, however, the stock price has eroded by 40 percent due to slipping confidence by investors in the future of the company.
Fields’ compensation package was calculated by the executive compensation tracking firm Equilar for the benefit of the Associated Press.
He will be eligible for $22.1 million in stock awards, will receive about $17.5 million in pension benefits, and could earn an additional $3.6 million bonus, as long as he is not hired by one of Ford’s competitors.
The former CEO also has $7.9 million in vested stock options. However, other stock options have no value at the moment since the company’s stock price crashed.