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.

Trump tells Middle East to 'drive out' Islamist extremists
He noted that the us arms sales includedBlack Hawk helicopters that would be manufactured in Saudi Arabia. Trump was blunter: "Drive them out!" he said repeatedly at the climax of the speech .

Cubs' Ross comes up just short on 'Dancing'
They normally do an hour recap show before the finale starts at 9/8c, but not this time . Ross scored 109 out of 120; Kordei earned 118; and Jennings received 119.

Cyber attack could spark lawsuits but not against Microsoft
Despite the attack being widespread, it's estimated that only about $32,000 were raised by the hackers. WannaCry or Wanna Decryptor ransomware seems to have used a vulnerability in Microsoft's software.

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.



Other News

Trending Now

Trump says 'ultimate deal' possible for peace in Middle East
Trump called America's security cooperation with Israel "bigger than ever", and a difference from the Obama administration. If negotiations were to resume, they needed to be about the core issues, not talks about talks, he said.

Betty Shelby: Tulsa Cop Who Shot Unarmed Terence Crutcher Acquitted by Jury
Shelby, who fatally shot an unarmed black man previous year , was found not guilty later Wednesday of first-degree manslaughter. Video had shown the 40-year-old Crutcher raising his hands as he walked toward his auto , and then lowering one hand.

Duterte declares martial law in southern Philippines
Duterte, a native of Mindanao, cancelled a meeting set for Wednesday with Russian Prime Minister Dmitry Medvedev. Two soldiers and a police officer have been killed, Defense Secretary Delfin Lorenzana said.

After making run at Indy 500 pole, Alonso to start 5th
Qualifying was marred by a frightening crash that sent Sebastien Bourdais to the hospital complaining of pain in his right leg. You'll hear commentators talk more about the average speed of those four laps, expressed in miles per hour .

Controversy Trailing, Trump Heads For Israeli-Palestinian Talks
Trump is launching with Israel and major Arab states to shape a lasting agreement between Israel and the Palestinian Authority. Around 30 C-17 transport planes with hundreds of tons of equipment on board have started to arrive, Jerusalem Post reported .

Big game hunter killed when crushed by elephant
Safari leader Theunis Botha, 51, came across a herd of breeding elephants while hunting with a group in Gwai, Zimbabwe. One of his associates shot at the cow but it crushed him as it fell, according to the Zimbabwean wildlife authorities.

Fighter's uncle punches opponent at the end of a title fight
Dirrell's uncle, Leon Lawson, who punched Uzcategui after the fight was over, is wanted by cops and they dont know where he is. According to USA Today , Dirrell issued a statement soon after in which he said he was "sorry for what my coach has done".

Unruly man heading for American Airlines cockpit subdued, duct-taped to seat
Airport police determined he had been drinking, but he did not meet the criteria for being drunk in public, LAX police said. Due to a disturbance during the flight, the crew requested that law enforcement meet the aircraft upon landing in Honolulu.

Julian Assange: Sweden drops rape investigation
Julian Assange entered London's Ecuadorian Embassy in 2012, after a two-year home arrest for allegations of rape in Sweden. Three other cases of alleged sexual assault against Assange were dropped in 2014 due to a Swedish statute of limitations.

Lukaku, Sanchez hunt Kane in late Golden Boot showdown
Leicester's joy was short-lived when Spurs restored their two-goal advantage two minutes later through Kane's close range header. Tottenham: Lloris 6, Dier 7, Alderweireld 8, Vertonghen 7, Davies 7, Wanyama 7, Dembele 7, Sissoko 6, Alli 8, Son 9, Kane 10.