Ford to name new heads for Europe, Asia - FT

Mr Fields will get monthly benefits from retirement programs valued at US$17.5 million and had US$532,715 in deferred compensation as of Dec 31, according to Ford's most recent proxy filing.

The largest portion of the ex-CEO's compensation will be in unvested stock awards valued at $29.4 million as of Wednesday's close, according to data compiled by Bloomberg.

He will receive $7 million in stock-based compensation and pocket a $1 million bonus for becoming CEO.

The pay package includes a $1.8 million base salary, more than double the $716,000 he was earning previously.

"Mark Fields has been an outstanding leader and deserves a lot of credit for all he has accomplished in his many roles around the globe within the company", said Ford. Hackett was elected to Ford's board effective Friday.

James Hackett was named CEO on Monday, and has already said that he wants to streamline the company's hierarchy and hasten decision-making.

The management shuffle announced Thursday morning also includes the departure of at least one top executive: Dave Schoch, a 40-year Ford veteran now running Ford's Asia Pacific operations, will retire.

The assignments support new President and CEO Jim Hackett's vision for the company, including changes to the company's product development team.

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Hackett was the CEO of furniture maker, Steelcase, for 20 years and interim athletic director at the University of MI where he also played football.

BENGALURU/DETROIT Ford Motor Co (F.N) on Thursday reshuffled senior management and brought back a former executive from Uber Technologies Inc, signaling its new chief executive officer will rely on tested company veterans to turn Ford around rather than outside talent.

Also reporting to Hinrichs is Hau Thai-Tang who will lead Global Product Development and Purchasing, replacing Nair.

Neil Schloss appointed vice president and chief financial officer, Mobility.

Bradley Gayton named group vice president, chief administrative officer and general counsel.

■Jeff Lemmer, new vice president and chief operating officer of information technology.

Kenneth Kent is appointed vice president and treasurer, succeeding Neil Schloss. effective August 1. It is expected to consider further significant cost cuts in the next three to six months.

  • Darren Santiago