Ford Motor Co. CEO Mark Fields’ salary, bonus, and stock awards rose 8% to a total of $18.8 million in 2016, while pretax profit for the automaker fell slightly from 2015’s record high, it said on Friday.
Including pensions and perks, Fields made $22.1 million, up nearly 19% from $18.6 million. His pension award was nearly $2 million higher in 2016 than in the previous year.
Ford (F) said the compensation increase stemmed partly from performance bonuses based on a single-year target for 2016 and a portion of a goal for the three years through 2018.
Fields, 56, became CEO in the summer of 2014.
The company earned a pretax profit of $10.4 billion in 2016, down slightly from $10.8 billion in 2015.
Last week, the automaker said it expected lower earnings per share in the first quarter and a drop in pretax profit in 2017 to $9 billion due to increased spending on commodities, warranties and investments and a drop in sales volume.
After a strong run in sales for automakers since they emerged from the Great Recession earlier this decade, investors are watching to see whether the current boom cycle is losing steam.
U.S. sales of new cars and trucks hit a record high of 17.55 million units in 2016. Automakers are set to release sales for March on Monday.
Ford also said on Friday that Executive Chairman Bill Ford, 59, received a salary, bonus, and stock awards totaling $11.1 million in 2016, up 10 percent from 2015. His pension award rose about 5% to $1.45 million.
The company said the bigger pension awards resulted from two factors outside its control: fluctuating interest rates and changes to government-issued mortality tables.
Last month Fiat Chrysler Automobiles (FCAU) said CEO Sergio Marchionne received $11.6 million (10.83 million euros) in pay and benefits for 2016.