Ford’s new chief executive to make $1.75 million

July 3, 2014, 1:29 PM UTC
Incoming Ford CEO Mark Fields Unveils New 2015 Ford Edge
DEARBORN, MI - JUNE 24: Mark Fields, incoming CEO of Ford Motor Company introduces the 2015 Ford Edge at the Ford Community and Performing Arts Center on June 24, 2014 in Dearborn, Michigan. The new Edge features a new design and technologies. (Photo by Joshua Lott/Getty Images)
Photograph by Joshua Lott—Getty Images

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.