NEW YORK (CNNMoney) - Ford's Jim Hackett got a nice bump in pay to go with his new CEO title.
His annual base salary will now be $1.8 million, up from the $716,000 he was earning as the head of the Ford unit developing self-driving cars. Since he's assuming the new job roughly five months into the year, the raise will take his base pay for the year to just over $1 million.
He'll also get a $1 million signing bonus, as well as a performance-based bonus worth up to $3.6 million.
In addition, he'll get stock grants that could be worth as much as $6 million that are also tied to job performance.
Hackett's new annual base salary is roughly on par with what his predecessor Mark Fields received in 2016, though Hackett is getting $12,500 more.
Fields' 2017 salary?? has yet to be reported. But his total compensation last year came to $22.1 million including stock and bonuses. Hackett total package could end up being of comparable value when the shorter time in the top job this year is taken into account.
Ford's shares plummeted nearly 40% during Fields' tenure, and he was replaced by Hackett on Monday. Ford Executive Chairman Bill Ford, the great-grandson of the company founder, said the company needed to move faster to develop a new generation of electric and self-driving cars.