According to Ford spokesperson Susan Krusel, who spoke to Bloomberg, Fields (pictured above right, with Bill Ford, Jr. at center and Alan Mulally at left) will switch to private travel " for safety and to maximize his availability for company business." In addition to his new travel arrangements, the 53-year-old exec's salary and bonuses have been revealed.
Regulatory filings by Ford revealed that Fields, whose first day in the big chair was July 1, will receive a base salary this year of $1.25 million and he'll be eligible for $3.5 million in bonuses, both of which are lower than Alan Mulally's $ 2 million salary and $5.88 million in bonuses received last year. That's also lower than General Motors CEO Mary Barra's alleged $1.6-million salary and considerably less than Sergio Marchionne's $3.19-million fixed salary from Fiat. Despite falling short of other CEOs, Fields' new pay still represents a 33-percent increase over his pay as Chief Operating Officer.
"We continue to believe in aligning executive compensation with the company's business performance and long-term shareholder value," Krusel told Bloomberg. Fields will likely be eligible for additional compensation via stock options, although there details on that aren't available yet.