Ford CEO Jim Farley received $11.8 million in compensation in 2020
Ford Motor Co. CEO Jim Farley received $11.8 million in total compensation in 2020, the automaker reported in a Securities and Exchange Commission filing Thursday.
That's pro-rated to include the time he spent as president of new business, technology and strategy through the end of February, COO through the end of September, and as CEO beginning in October, when he took over for former CEO Jim Hackett. It's up 41% from 2019, when he received $8.4 million in total compensation.
In 2020, Farley received a base salary of $1.4 million and received stock and option awards worth $9.2 million. Farley's total compensation was 191 times what the median employee earned, which Ford reports was $61,778.
Hackett received $16.7 million in total compensation, including $13.6 million in stock and option awards. That's down 4% from the year before, when he received $17.36 million in total compensation.
Farley's compensation pales in comparison with crosstown rival Mary Barra, CEO of General Motors Co. GM hasn't released its 2020 earnings yet, but Barra received $21.6 million in 2019. Former Fiat Chrysler Automobiles NV CEO Mike Manley (now leader of Americas operations for newly-formed Stellantis NV), received $12.46 million in 2019.
Like many other automakers, Ford was forced to shut down production early last year due to the coronavirus pandemic and shifted production temporarily to produce medical equipment and personal protective gear.
Due to the pandemic and changeover to the new model of the F-150 pickup, sales were down 15.6% for the year. However, the company ended 2020 with $30.8 billion in cash and $46.9 billion in liquidity, "both significantly higher than year-end 2019," according to the report.
The report filed Thursday details the pay for Ford's executives in a year of turnover at the top. Chief Financial Officer John Lawler received $6 million in total compensation. Former CFO Tim Stone, who left the company after 18 months to join an artificial intelligence software firm, received $6.2 million in total compensation.
Executive Chairman William Clay Ford Jr. received $16 million in total compensation, down 4% from 2019.
Hau Thai-Tang, chief product platform and operations officer, received $11.8 million in total compensation and Kumar Galhotra, president of the Americas and International Markets Group, made $8.5 million. Thai-Tang received a bonus of $83,500 and Galhotra received a bonus of $69,250.