Ford salaries in 2022: How much CEO Jim Farley earned
Ford CEO Jim Farley received total compensation of $20,996,146 in 2022, according to documents the Dearborn automaker filed Friday with the U.S. Securities and Exchange Commission.
The ratio of the CEO's total compensation to the median of all employees' total compensation is 281-to-1, a disclosure required in the annual executive compensation report to the U.S. Securities and Exchange Commission.
The median annual total compensation of all Ford employees, excluding the CEO, was $74,691.
The Dearborn automaker announced in its earnings report in February that its UAW employees will receive profit-sharing checks averaging $9,176 this year.
Ford itemized nearly $71 million in executive compensation for its top five executives in 2022: Farley; chief financial officer John Lawler; board chair Bill Ford; chief advanced product development and technology officer, Doug Field; and Ford Blue president Kumar Galhotra, filings show.
How much did top auto executives earn?
Earlier this month, Ford revealed that the automaker fell short in productivity and efficiency in 2022, leaving about $2 billion the table. At the time, Farley told industry analysts after the 2022 earnings release, "To say I'm frustrated is an understatement." The next day, he announced performance bonus cuts for executives.
Ford noted in its federal regulatory filing that salaries are compared with a corporate peer group of 72 companies.
In 2021, GM CEO Mary Barra received a $29 million compensation package in 2021. And, that same year, Stellantis CEO Carlos Tavares received a $21 million package for overseeing the company that builds Jeep, Ram Trucks, Dodge and Chrysler vehicles (among others).
Ford's biggest individual earner last year was Farley, whose total compensation broke down as $1.7 million in salary, nearly $15.2 million in stock awards, nearly $2.8 million in incentive plan compensation, and the balance in other payments for items such as evaluation vehicles and life insurance/death benefit.
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Top executive packages
Jim Farley, CEO, at $20,996,146, down from $22,813,000 in 2021
John Lawler, CFO, at $8,956,211, down from $9,428,326 in 2021
Bill Ford at $17,302,266, down from $18,662,706 in 2021.
Kumar Galhotra at $8,172,563, down from $9,285, 825 in 2021.
Doug Field at $15,087,262 for 2022. He received $10,848,080 in compensation in 2021, having been recruited from Apple in September that year.
Farley's benefits included $903,857 for personal use of aircraft, while Bill Ford's benefits included $636,395 for personal use of aircraft and $1,113,703 for security, according to the filing Friday.
The company also itemized its incentive bonus plan payments:
Farley with $2,754,000
Lawler with $1,112,355
Bill Ford with $810,000
Field with $334,620
Galhotra with $968,760
Farley, Ford and Field did not get a raise in base salary in 2022.
Meanwhile, Lawler saw a 12.4% raise to $1,16,800 and Galhotra saw a 2.7% raise to $1,062,950. The CFO has been overhauling financial reporting protocols to reflect different business units within the company and break out detail of gasoline-powered and electric vehicle operations within the company. Galhotra oversees the building of the biggest money makers, such as Super Duty trucks, that provides the financial backbone of a company transitioning to electric vehicles.
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Contact Phoebe Wall Howard: 313-618-1034 or firstname.lastname@example.org. Follow her on Twitter @phoebesaid
This article originally appeared on Detroit Free Press: Ford CEO gets lowest compensation of Detroit Three at nearly $21M