New Ford CEO gets $5.25M pay package

On his first day on the job, newly minted Ford Motor Co. CEO Mark Fields has been given a 13 percent bump in his salary, sweetened bonuses and a return to his practice of using a private jet for travel.

His salary will be $1.75 million - up from $1.54 million as chief operating officer - with the possibility of $3.5 million in incentives if performance targets are met, according to USA Today.

Former Ford CEO Alan Mulally, who retired Tuesday, received compensation of $23.2 million for 2013, according to the report. His base salary was $2 million, he received $5.9 million in cash bonuses and $15.3 million in long-term stock options, performance equity awards and compensation for items such as security.

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