Despite being ousted by the board of Ford, or “retiring” as the company asserts, Mark Fields will walk away with a fairly hefty bag of money thanks to his services with the automaker.
According to information compiled by AutoNews, the former chief executive of Ford will receive a payout of invested stock awards valued at $29.4 million as of Wednesday. Additionally, Fields will receive about $17.5 million in retirement benefits, an incentive bonus of approximately $2.1 million and $8.1 million worth of stock options.
As part of its executive shakeup, Ford promoted the head of its self-driving and ride sharing division, Jim Hackett, to chief executive officer. Additionally, Jim Farley was promoted to executive vice president and president of global markets alongside no less than four other employees who will now take up executive vice president or vice president roles of other areas of Ford’s business.
While speaking at a press conference introducing Hackett as the company’s new CEO, executive chairman Bill Ford said “I’m very thankful to Mark and he had a really terrific career here, but this is a time of unprecedented change. A time of great change, in my mind, requires a transformational leader and thankfully we have that in Jim.”