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Ford more than doubles new CEO Hackett's base pay

May 24 (Reuters) - Ford Motor Co said on Wednesday it more than doubled the annual base salary of its newly-appointed Chief Executive James Hackett to $1.8 million from $716,000. (http://bit.ly/2rhMsGh)

Hackett, 62, known as a turnaround expert, replaced former CEO Mark Fields on Monday.

Hackett for the past year had led the Ford unit developing self-driving cars and related projects.

Fields will retire from the company effective August 1.

(Reporting by Ankit Ajmera in Bengaluru; Editing by Arun Koyyur)