Ford’s ousted executive Raj Nair to lose $10M in bonuses, keep retirement benefits and health care
Ford announced that recently ousted executive Raj Nair will not receive equity-based awards and bonuses.
But he will keep his retirement benefits and health care package, according to an SEC filing on Thursday.
Nair was ousted amid misconduct charges.
An investigation determined that his behavior was “inconsistent with the company’s code of conduct,” according to Ford. The company did not disclose details of the allegations.
The former head of North American operations loses a bonus package potentially worth $10 million, according to Reuters, citing past filings related to his compensation.
The company said Nair won't receive stock awards for the 2017 and 2018 performance periods. He also loses unvested restricted stock options, unexercised options and certain final stock awards going back to 2015.
Nair agreed to a two-year non-compete clause and to cooperate in investigations or lawsuits in return for the retirement and health care benefits according to Ford.
Nair was awarded a $5 million retention bonus nearly a year ago as the company’s top ranks were shuffled. He was named head of North American operations by Chief Executive Jim Hackett in May after the firing of Hackett's predecessor, Mark Fields.
Ford named Kumar Galhotra to succeed Nair earlier Thursday along with several other high-profile management changes.