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Ford’s new chief executive to make $1.75 million

Incoming Ford CEO Mark Fields Unveils New 2015 Ford EdgeIncoming Ford CEO Mark Fields Unveils New 2015 Ford Edge

Ford’s new CEO can probably afford to buy a Ferrari.

Mark Fields will make $1.75 million per year in his new role, according to an SEC filing Wednesday. Of course, that’s not all the money he’ll make next year. He also gets a reward of more than 700,000 stock options with an excise option of $17.21. He’ll also receive a sizable bonus, as is general practice with executives at large firms.

Fields is actually making less money than his predecessor Alan Mulally, who made a base salary of $2 million when Ford’s CEO and pulled down total compensation of $23.2 million last year, according to the Wall Street Journal.

Promoting Fields is a different strategy to the one Ford (F) took when appointing Mulally. Fields is a Ford veteran, while Mullally joined the automaker from Boeing (BA) in 2006.