Ford CEO Jim Farley received a total compensation of $22,813,174 in 2021 for running the company, according to documents from the Dearborn automaker released Friday.
The ratio of the CEO’s total compensation to the median of all employees’ total compensation is 356 to 1.
Ford includes pay-to-pay ratio data for its full-time workforce in its annual executive compensation report to the U.S. Securities and Exchange Commission, a disclosure the company now requires under the 2010 Dodd-Frank Act.
Ford detailed more than $74.5 million in executive compensation for its top five executives in 2021: Farley, chief financial officer John Lawler, board chair Bill Ford, chief enterprise technology officer Michael Amend and Chief EV and Digital Systems Officer for Ford Model e, Doug Field, the filing shows.
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Ford’s biggest individual earner last year was Farley, whose total compensation was divided into $1.7 million in salaries, $16 million in stock awards, nearly $3.7 million in incentive plan compensation, and about $1.4 million in other payments.
In addition to Farley, Ford also revealed his top executive salary in 2021:
- John Lawler, CFO, at $9,428,326, up from $5,888,673 in 2020
- Bill Ford is at $18,662,706, up from $16,046,542 in 2020.
- Michael Amend, in a new role in March 2021, is at $12,781,136
- Doug Field, who was recruited from Apple in September 2021, is at $10,848,080.
Payouts for Amend and Field reflect signing bonuses, with $800,000 for Amend and $500,000 for Field, federal filings said Friday.
The Free Press looked at the $100,000 difference in Lawler’s compensation from 2020 and Ford noted that the company inadvertently reported the partial compensation category as $112,750 which was actually just $18,281. The lower number in this year’s filing reflects what Lawler actually received.
Both Hau Thai-Tang, now chief industrial platform officer, and Kumar Galhotra, now president of Ford Blue, fell off the list of highest-paid executives.
Farley’s benefits include $830,305 for personal use of the aircraft while Bill Ford’s benefits include $400,895 for personal use of the aircraft and $1,340,817 for security, according to Friday’s filing.
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Aircraft costs are based on the cost of fuel, maintenance, flight crew, insurance, and hangar storage. Ford Motor Co. requires the CEO and his executive chair to use a private plane in an effort to maximize their working time and provide added security, according to a federal filing.
Stellantis CEO Carlos Tavares made $21 million in 2021. General Motors has yet to release its executive compensation for 2021.
GM CEO Mary Barra received a $23.6 million package in 2020.
Meanwhile, Farley was honored for the strength of his performance in his first year as CEO, said Ford spokeswoman Catherine Hargett.
“Mr Farley is a relatively new CEO leading a successful business transformation and his compensation reflects his changing position, improved company performance and Ford+ achievements,” he told Free Press Friday. “His CEO compensation is 90% based on performance and in line with his industry peers.”
In 2021, Ford compensated the 15 members of the board of directors in cash, stock, and other benefits for a total value of $9,147,002. Director Jon Huntsman earned the highest-paid $3.9 million.
Alexandra Ford English, great-grandson of founder Henry Ford, was paid $571,701. Henry Ford III, great-grandson of the founder, was paid $331,401. Edsel B. Ford II paid $811,469.
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The annual virtual shareholders’ meeting is scheduled for May 12.
“We regularly meet with investors to discuss and receive feedback on a variety of topics, including long-term strategy; financial and operating performance; risk management; environmental, social, and governance practices, and executive compensation practices,” the Ford filing said. “Based on these interactions, we believe investors are generally satisfied with our compensation program in 2021 and we are pleased that investors support our philosophy, policies and compensation program.”
“Ford’s Compensation Committee changed its name to the Compensation, Talent and Culture Committee to reflect its responsibilities with respect to significant people-related strategies to improve human resource management oversight,” the filing said.
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The content in this story has been edited after publication.
Contact Phoebe Wall Howard:313-618-1034 firstname.lastname@example.org.Follow him on Twitter@phoebesaid. Read more about wade through and register for us automotive newsletter.