Ford gave some hints that a major move was about to occur a few days before Mark Fields was removed as company CEO.
Ford paid retention stock bonuses worth millions to four top executives: Jim Farley, head of Ford overseas; Raj Nair, head of product development; Marcy Klevorn, chief of Info-Tech; and Hau Thai-Tang, head of purchasing. The bonuses vest in 3 years. The executives have to stay to get the money.
The one-time awards were made last Monday, and filed with federal regulators on Wednesday. They were the indicators that Farley and Klevorn were among those about to get bigger jobs and power in the company. As CEO, Mark Fields would have known about the bonuses. Two days later the board moved, and Fields was out. Executive Chairman Bill Ford said the decision had been under discussion for some time.