Fired Ford CEO due $57.5M in payouts

Former Ford Motor Co. Chief Executive Officer Mark Fields, who led the company as it lost almost $25 billion in market value, could walk away with payouts worth about $57.5 million.

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. Those will vest through 2020, with the majority tied to performance goals. Fields also is entitled to about $17.5 million in retirement benefits, plus stock options worth $8.1 million and an estimated prorated incentive bonus of about $2.1 million.

Fields agreed to resign last Friday. He was replaced by Jim Hackett, the former CEO of office-furniture maker Steelcase Inc., who was leading Ford’s move into self-driving cars and ride sharing. While Ford’s stock slid during Fields’s nearly three years as CEO, the automaker did earn record profits.

Ford on Thursday announced a series of moves within the senior leadership ranks. Raj Nair will become president of North America. Dave Schoch, president of Ford’s Asia Pacific operations, will retire and be replaced by Peter Fleet, who had been overseeing marketing, sales and service for the region. Ford Europe Chief Operating Officer Steven Armstrong will be promoted to president of Europe, Middle East and Africa.

Ford will fill the newly created position of vice president of autonomous vehicles and electrification with Sherif Marakby, who’s returning to the company after leaving Uber Technologies Inc. last month.