Dearborn — Ford Motor Co. paid president and CEO Mark Fields $22,102,498 in total compensation in 2016, more than $3 million above what he earned in 2015.
Fields’ 2016 paycheck is shy of the $23,204,534 that former CEO Alan Mulally made in 2013, his last full year at Ford.
The nearly 19 percent jump Fields saw last year can be explained by an increased base salary, stock awards and an increase in pension value, which grew from $858,157 in 2015 to $2,845,003 in 2016. The company does not control pension values, which vary from year to year due to changes in interest rates and government-issued mortality tables.
Fields, 56, who became Ford’s president and CEO in 2014, earned a base salary in 2016 of $1,787,500, up $37,500 or 2.1 percent from the year before. His total compensation included a $2,736,000 bonus for meeting performance targets in five different segments of the company.
According to Ford’s proxy statement, which was released Friday, the automaker paid $288,965 for Fields’ use of a private airplane.
Other executive pay includes:
■Bill Ford Jr., executive chairman: $13,862,938 in total compensation in 2016, up from the $12,860,840 he earned in 2015. His base salary dropped to just over $1.6 million in 2016; in 2014 and 2015, Ford was paid a $2 million base salary. The company spent $189,489 for Ford’s use of a private plane, and $898,066 for security.
■Joe Hinrichs, executive vice president and president of the Americas: $6,723,531 in total compensation in 2016, up from the $6,418,180 he earned in 2015. His base pay increased from $1,018,750 in 2015, to $1,053,500 in 2016.
■Jim Farley, president of Europe, the Middle East and Africa: $6,609,453 in total compensation in 2016, up from $5,804,965 the previous year. His base salary in 2016 was $918,750, up from $893,750 a year prior. The company spent $437,526 on costs associated with Farley’s move to Germany, and gave him a $246,050 bonus for “exceptional” performance.
■Bob Shanks, chief financial officer: $6,293,462 in total compensation in 2016, which increased from $5,557,846 the year before. His base pay of $858,000 increased from $831,250 the year before.
Ford announced Friday that its annual shareholders meeting, typically held in Wilmington, Delaware, will be held online this year. The meeting will be held May 11.
Ford and General Motors Co. report their executive salaries differently than Fiat Chrysler Automobiles NV, which does not include some stock and potential performance-based equity awards. GM has not yet reported 2016 salaries.
Fiat Chrysler CEO Sergio Marchionne was paid more than 10.8 million euros (nearly $11.5 million) in compensation in 2016, about the same cash payout as the year before, but falling well-short of 2015 totals when including millions of dollars in stock grants.
Marchionne was paid 3.61 million euros in base salary ($3.82 million) and received a nearly 6.3 million euros bonus (worth about $6.89 million when announced and paid a year ago) in 2016
In 2017, Marchionne, 64, is set to receive a bonus of nearly 6.14 million euros (nearly $6.5 million) from Fiat Chrysler, based on his 2016 performance.
Marchionne could see some 6.7 million shares vest by 2019, which is up from 4.32 million because of the Ferrari spin-off and the company selling an ownership stake in RCS MediaGroup S.p.A. The value of those shares depends on many factors such as the company meeting certain objectives in its five-year plan, his performance and the stock price.
GM typically releases its annual proxy in April. GM Chairman and CEO Mary Barra earned total compensation of $28.59 million in 2015, up nearly 77 percent from 2014, due mostly to a one-time stock option grant aimed at retaining senior executives. She received $7.3 million in compensation (including salary, a short-term incentive plan payout and stock equity awards that vested) in 2015, up from $4.5 million in 2014.