Ford CEO Jim Hackett received total compensation of nearly $17.4 million in 2019, slightly down from nearly $17.8 million in 2018, according to documents the company released Friday.
The Dearborn-based carmaker reported Hackett’s pay was 157 times more than the median compensation for all U.S.-based Ford employees.
Ford included salary and pay ratio data for its full workforce in its annual executive compensation report to the U.S. Securities and Exchange Commission, a disclosure now required of companies by the 2010 Dodd-Frank Act.
The report showed Ford employees earned a median total compensation of $110,706 in 2019, up from $64,316 in 2018. The dramatic difference, Ford said, is attributed to pension values and how the data is calculated.
Ford’s biggest individual earner last year was Hackett, 64, whose $17.4 million in total compensation broke down as $1.8 million in salary; $13.2 million in stock awards; $1.8 million in incentive plan compensation, and about $617,637 in other compensation.
Additional executive perks in 2019 included:
- Bill Ford received $419,275 for personal use of aircraft and $899,219 for security.
- Hackett received $91,523 for personal use of aircraft.
- CFO Tim Stone, who moved from California to Michigan, received $692,652 for relocation expenses and housing assistance.
Aircraft costs include cost per flight hour, including catering, fuel, maintenance, flight crew and hangar storage.
Currently, Hackett gets triple the compensation he earned as CEO of Grand Rapids-based Steelcase, when he received $5.8 million in total compensation during each of his last three years. He retired in 2014 after three decades with the office furniture maker, according to Automotive News.
Hackett took the helm at Ford on May 22, 2017. He made headlines when he sent a memo in January 2019 that said 2018 “was mediocre by any standard.” He also voiced regret after a disappointing earnings report in January 2020.
Ford also disclosed data for its other highest-paid current executives:
- Stone, who was hired in 2019, was compensated $8.3 million.
- Former CFO Bob Shanks was compensated $8.3 million for 2019, too. He was paid $8.4 million in 2018.
- Executive Chairman Bill Ford was compensated $16.8 million, up from $13.8 million in 2018.
- Jim Farley, president, New Business and Technology and Strategy, was paid $8.4 million. In 2018, he earned $5.9 million
- Joe Hinrichs, president, Automotive, was paid $11 million. In 2018, he earned $5.8 million.
Hinrichs abruptly retired from the company in 2020.
The company asked Shanks to stay on board and work with Stone during his transition, which explains paying both the former and current CFO for the year. Stone came to Ford from the technology sector with limited experience in manufacturing.
Stone’s compensation also reflected an $850,000 signing bonus.
FCA paid less
Fiat Chrysler Automobiles paid CEO Mike Manley more than $14.4 million in total compensation in 2019, 232 times that of an average employee’s $62,259. Manley’s package, which included benefits such as tax preparation and retirement-related charges, afforded him a base salary of $1.6 million, a bonus of $1.3 million and long-term incentive of $9.6 million.
Meanwhile, General Motors has not yet reported a 2019 salary for CEO Mary Barra. She earned $21.87 million in total compensation in 2018, the Free Press reported.
Contact Phoebe Wall Howard at 313-222-6512or phoward@freepress.com. Follow her on Twitter @phoebesaid. Read more on Ford and sign up for our autos newsletter.
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