Ford CEO Mark Fields earned $18.57M in 2015

Michael Martinez
The Detroit News

Ford Motor Co. President and CEO Mark Fields earned $18,576,946 in total compensation in 2015, down slightly from the $18.9 million he made in 2014.

The change in total compensation can be explained by a change in pension value, which dropped to $858,157 last year from $3,647,336 in 2014. Pension values vary from year to year due to changes in discount rates and government-issued mortality tables and is something Ford has no control over. It is a value; not direct compensation made by the executives.

Excluding the change in pension values and other perks and benefits, Fields’ compensation increased 16.8 percent.

Fields, who took over as president and CEO in July 2014, earned a base salary last year of $1,750,000, up from $1,662,500 in 2014. His total compensation includes a $3,185,000 bonus, long-term stock options and other performance-based equity awards.

Ford spent $240,726 on the personal use of an aircraft for Fields.

Other executive pay includes:

■ Bill Ford Jr., executive chairman, made $12,860,840 in total compensation in 2015, down from the $15,583,194 he earned in 2014. His base salary of $2 million was unchanged from prior years. Ford spent $291,151 on personal use of an aircraft, and $928,150 for security.

■ Joe Hinrichs, executive vice president and president of the Americas, made $6,418,180 last year, an increase from $6,308,630 he earned in 2014. His base pay grew to $1,018,750 from $936,250 in 2014.

■ Jim Farley, president of Europe, the Middle East and Africa, made $5,804,965 last year, up from $4,690,513 in 2014. His base salary of $893,750 last year was an increase over the base salary of $868,750 he made in 2014. Ford spent $47,382 to relocate Farley from the U.S. to Germany.

■ Bob Shanks, chief financial officer, made $5,557,846 last year, down from $6,536,646. His base pay of $831,250 was an increase from the $798,750 he earned in 2014.

Ford recorded a 2015 pre-tax profit of $10.8 billion. It will hold its annual shareholders meeting on May 12 in Wilmington, Delaware.

Ford and General Motors Co. report their executive salaries differently than crosstown rival Fiat Chrysler Automobiles NV, which does not include some stock and potential performance-based equity awards.

Fiat Chrysler CEO Sergio Marchionne was paid more than 10 million euros ($10.9 million), including a 3.6 million euro base salary ($4 million), 6.3 million euro (nearly $6.9 million) incentive related to the company’s performance.

However the 63-year-old executive’s compensation does not include 3.95 million shares of company stock Marchionne earned became vested in 2015. Based on Wednesday’s closing price on the New York Stock Exchange of $7.83, the shares are valued at $30.9 million, which would bump Marchionne’s 2015 earnings to roughly $42 million in 2015.

Marchionne, like Fields, also could earn 4.32 million more shares through 2019 if certain goals are met. Those shares as of Wednesday’s closing would be worth $33.8 million.

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Michael Wayland contributed.