Mark Fields Net Worth After Ford Replaces CEO With Jim Hackett

After three years with the company, former Ford CEO Mark Fields was ousted by the Michigan-based automaker Monday. He was replaced by Jim Hackett, chairman of Ford Smart Mobility. After Fields was replaced, how much money did he made as the CEO of Ford?

Fields, 52, reportedly earned nearly $20 million from Ford during 2016 alone, Salary.com reported. Most of his month was made through the stock, earning an estimated $14. 2 million. He received $1.7 million for his salary and $2.7 million as a bonus. An estimated $435,000 came from “other types of compensation.”

Salary.com got their numbers from the proxy statement that were reported by Ford Motor Corp.

READ: Who Is Mark Fields? Ford Motors Replacing CEO With Jim Hackett, Former Steelcase Chief

Before he was hired to turn Ford around, Hackett was the chief executive of Steelcase (SCS), a Michigan furniture company, CNN Money reported. He worked there for nearly 20 years and was credited with restructuring the company. During his tenure with Steelcase, he helped make the company No. 1 in office furniture. One of the things he did was get workers out of cubicles and create open-space offices.

Hackett also was responsible for 12,000 layoffs in the 2000s. He said it was difficult, and used a marriage metaphor, letting go of the best man his wedding.

“It was painful so we worked really hard about the ceremony of what we are doing,” Hackett said, according to an account in The Grand Rapids Press in 2014. “We had to do it with great care. These were all great people.”

Hackett was a graduate of the University of Michigan with a degree in finance. In college, he was an athlete and played center for the football team.

It’s unclear if more layoffs will occur at Ford, but CNBC's Jim Cramer said Fields should have been given more time at Ford’s helm.

“He had a difficult situation. He was told to develop an autonomous car. He's told to be a worldwide guy. You do have peak auto in the U.S. and U.S. is really where Ford has made its biggest strides. So, it's kind of an impossible situation,” Cramer said on “Squawk Box.”

“I was not surprised,” He added. “If you judge a guy by a stock price, I guess he had to go.”

During his time with Ford, Fields failed to compete with Google's Alphabet and Tesla CEO Elon Musk. Shares of the company fell 40 percent, the New York Times noted.

READ: Elon Musk's SpaceX Can't Afford To Send Humans To Mars, According To Neil deGrasse Tyson

With Hackett in the position, that’s exactly what Executive Chairman Bill Ford plans to do, transforming “Rod for the future.” He called Hackett a “true visionary who brings a unique, human-centered leadership approach to our culture, products and services that will unlock the potential of our people and our business.”

“This is a time of unprecedented change,” Ford said during a press conference Monday. “Time of great change in my mind requires a transformational leader, and we all have that in Jim.”

Fields’ ousting came days after he cut 1,400 salaried jobs. It was an attempt to stop Ford’s stock from declining, but didn’t work, CNBC said.

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