(Adds details, background on industry sales)
By Nick Carey
DETROIT, March 31 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.
The company said the compensation increase stemmed partly
from performance bonuses based on a single-year target for 2016
and a portion of a goal for the three years through 2018.
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.
After a strong run in sales for automakers since they
emerged from the Great Recession earlier this decade, investors
are watching to see whether the current boom cycle is losing
U.S. sales of new cars and trucks hit a record high of 17.55
million units in 2016. Automakers are set to release sales for
March on Monday.
Ford also said on Friday that 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.
Last month Fiat Chrysler Automobiles NV
said CEO Sergio Marchionne received $11.6 million (10.83 million
euros) in pay and benefits for 2016.
(Reporting by Nick Carey; Editing by Chizu Nomiyama and Lisa