New Ford CEO Hackett's pay package worth up to $13.4 million

26 May 2017, 08:14 | Andres Norman

Traditional car makers like Ford face growing competition from Silicon Valley technology companies for the future of transportation

Traditional car makers like Ford face growing competition from Silicon Valley technology companies for the future of transportation

Marakby's new VP role was announced as part of a general executive re-organization revealed on Thursday under new Ford CEO Jim Hackett. He also received performance-based stock units worth $5.2 million over three years and stock units worth $1.75 million if he stays at Ford until 2020.

To access this content simply register belownow. Fleet will lead all Ford's operations in China, including Lincoln and Ford's Chinese joint ventures.

The salary, disclosed in a filing with the U.S. Securities and Exchange Commission today, represents a 151% increase for Hackett, whose salary was $716,000 as head of Ford Smart Mobility.

Ford has also been faulted for not moving more quickly in other vehicle segments - in particular, it needs to update or replace slow-selling passenger cars like the Focus sedan, while also expanding its line-up of SUVs and pickups to take advantage of the current boom in demand for light trucks.

Ford's shares plummeted almost 40% during Fields' tenure, and he was replaced by Hackett on Monday. Hackett was elected to Ford's board effective Friday.Ford replaced Fields amid investor unease about the US automaker's slumping stock price and its ability to counter threats from longtime rivals and Silicon Valley.Moody's senior vice president Bruce Clark said in a research note the announcement is credit negative and could reflect more serious challenges than previously known. That's a promotion for the executive who will report to Hinrichs under global operations as executive vice president of product development and purchasing.

He received total compensation of $6.7 million in 2016.

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The moves highlight how Mr. Hackett, less than a week in the new job, is restructuring the management team to be more agile with him having fewer direct reports than his predecessor.

In other moves, the No. 2 USA automaker named Steven Armstrong as head of Europe, Middle East and Africa and Peter Fleet as chief of Asia Pacific and China.

Sherif Marakby, who has a background in electrification and previously worked for Ford for more than 25 years, will take on a newly created position of vice president, Autonomous Vehicles and Electrification, effective June 12.

Neil Schloss is appointed vice president and chief financial officer, Mobility, effective August 1.

Ken Washington named vice president, Research and Advanced Engineering, and chief technology officer.

Kenneth R. Kent is appointed vice president and treasurer, succeeding Neil Schloss.

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