By Nick Carey | DETROIT – Ford Motor Co ( ) Chief Executive Officer Mark Fields’ salary, bonus and stock awards rose 8 percent to a total of $18.8 million in 2016, while pretax profit for the automaker fell slightly from 2015’s record high, it said on Friday.
Including pensions and perks, Fields made $22.1 million, up nearly 19 percent from $18.6 million. His pension award was nearly $2 million higher in 2016 than in the previous year.
Fields, 56, became CEO in the summer of 2014.
The company earned a pretax profit of $10.4 billion in 2016, down slightly from $10.8 billion in 2015.
Last week, the automaker said it expected lower earnings per share in the first quarter and a drop in pretax profit in 2017 to $9 billion due to increased spending on commodities, warranties and investments and a drop in sales volume.
Executive Chairman Bill Ford, 59, received a salary, bonus and stock awards totaling $11.1 million in 2016, up 10 percent from 2015. His pension award rose about 5 percent to $1.45 million.
The company said the bigger pension awards resulted from two factors outside its control: fluctuating interest rates and changes to government-issued mortality tables.
(Reporting by Nick Carey; Editing by Chizu Nomiyama and Lisa Von Ahn)