FORD MOTOR COMPANY (NYSE:F) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers
Item 5.02. Departure of Directors or Certain Officers; Election
of Directors; Appointment of Certain Officers; Compensatory
Arrangements of Certain Officers.
several officer elections effective immediately, including the
election of James P. Hackett as President and Chief Executive
Officer; James D. Farley, Jr., as Executive Vice President and
President, Global Markets; Joseph R. Hinrichs as Executive Vice
President and President Global Operations; Marcy Klevorn as
Executive Vice President and President, Mobility; Mark Truby as
Vice President, Communications; and Paul Ballew, as Vice
President and Chief Data and Analytics Officer. James P. Hackett
was elected to the Board of Directors effective May 19. Mark
Fields has elected to retire from the Company effective August 1,
2017, and has resigned from the Board of Directors, effective
immediately. The Company also took the following compensation
actions:
actions for Mr. Hackett:
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Annualized base salary increase from $716,000 to $1,800,000
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Annual Incentive Compensation Plan 2017 target increase from
50% of base salary to 200% of base salary |
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Performance-based Restricted Stock Unit grant valued at
$5,250,000 with the same terms as the executive officer Performance-based Restricted Stock Unit grants made in March 2017 |
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Time-based Restricted Stock Unit grant valued at $1,750,000
that generally will vest 33% on May 22, 2018, 33% on May 22, 2019, and 34% on May 22, 2020 |
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An accession bonus of $1 million
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actions for Mr. Hinrichs:
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Time-base Restricted Stock Unit grant valued at $5,000,000
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be entitled to as a retirement eligible participant under the
Companys compensation and benefit plans, Mr. Fields and the Company
entered a Separation Agreement under which the Compensation
Committee approved the following compensation arrangements:
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Eligible for Annual Incentive Compensation Plan bonus
pro-rated for the period of January 1 to August 1 |
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Retention of 2017 Long-Term Incentive Plan grants of
Time-based Restricted Stock Units and Performance-based Restricted Stock Units with a three-year performance period |
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Reasonable use of the Company aircraft until August 1, 2017
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Participation in Fords 2017 Select Retirement Program
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this Report as Exhibit 99 and is incorporated herein by reference.
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Designation
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Description
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Method of Filing
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Exhibit 99
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News release dated May 22, 2017
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Filed with this Report
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About FORD MOTOR COMPANY (NYSE:F)
Ford Motor Company (Ford) is a global automotive and mobility company. The Company’s principal business includes designing, manufacturing, marketing, financing, and servicing a line of Ford cars, trucks, sports utility vehicles (SUVs), and electrified vehicles, as well as Lincoln luxury vehicles. The Company operates in two sectors: Automotive and Financial Services. The Automotive sector includes North America, South America, Europe, Middle East & Africa, and Asia Pacific segments. Its Financial Services sector includes Ford Credit and Other Financial Services segments. Its vehicle brands include Ford, Ford-Lincoln and Lincoln. The Other Financial Services segment includes holding companies, real estate, and the financing of some Volvo vehicles in Europe. The Company has over 70 plants across the world. Through its wholly owned subsidiary Ford Motor Credit Company LLC (Ford Credit), it provides automotive financing products to and through automotive dealers throughout the world. FORD MOTOR COMPANY (NYSE:F) Recent Trading Information
FORD MOTOR COMPANY (NYSE:F) closed its last trading session down -0.12 at 10.93 with 40,816,647 shares trading hands.
