Mark Fields, who has been inducted from his position after the steadily declining revenues of Ford, will be paid $ 73 million in compensation.
Automotive giant Ford’s CEO, Mark Fields, was taken over and replaced by James Hackett, the head of the company’s autonomous automobile division. Fields, who has been working as Ford’s CEO since 2014 and is held accountable for the company’s sales sluggishly, will be unemployed but he will have $ 73 million in compensation.
Fields, who will leave the office on 5th of August, will be able to travel with the company’s private planes until that time and benefit from the privileges offered to the executives. Ford does not allow the CEO and other executives to travel with commercial aircraft due to safety concerns.
It is announced that Mark Fields will receive $ 73 million in compensation, along with retirement bonuses and other payouts. Explaining that he will retire after leaving Ford, Fields will continue to enjoy his retirement with his huge amount of compensation.
When Fields served as CEO, the company’s share fell by 37 percent. Ford said last week that 10 percent of the world’s workers will be out of business.
On the other hand, Ford’s new CEO, James Hackett, changed management part entirely. James Hackett, has reorganized the company’s former employees, especially the executive level, in order to increase the company’s falling profits. Hackett, who made important changes to the company, transferred Sherif Marakby, one of Ford’s former executives, from Uber. It was reported that Sherif Marakby was brought to Ford as the vice chairman responsible for electric and driverless cars.
It is also stated that Hau Thai-Tang, who formerly manages the global procurement unit, will be responsible for purchasing and product development units. Raj Nair, head of Ford’s technical development unit, was appointed head of North America.
Hackett said he preferred to work with experienced people who know the company rather than work with new names on the outside of Ford. The chief mission of the new CEO will be to strengthen Ford’s second-largest car maker against General Motors, its biggest rival, and to promote it in autonomous car technology.