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Ex-Ford CEO Jim Hackett kept $16.7M pay package in 2020 despite stepping down

Phoebe Wall Howard, Detroit Free Press on

Published in Automotive News

DETROIT – Former Ford CEO Jim Hackett received total compensation of $16.7 million in 2020 for running the company for nine months, according to documents the Dearborn automaker released Thursday.

That's down slightly from making nearly $17.4 million in 2019.

"Jim (Hackett) has been/still is advising (Executive Chairman) Bill Ford and the management team on strategic issues. We haven’t detailed which ones," Ford spokesman T.R. Reid emailed the Free Press in March. "Those topics can be competitively sensitive, especially in a period of industry transition."

Ford listed Hackett's retirement from the company as March 31, 2021, in its U.S. Securities and Exchange Commission filings.

CEO Jim Farley, who assumed the helm on Oct. 1, earned $11,802,054 in executive compensation for the whole year. That's up from $8,361,479 in 2019. Farley held multiple leadership roles in 2020, including president of new business, technology and strategy as well as chief operating officer.

Ford reported Farley's CEO pay as $12,491,540 when annualized, or 157 times more than the median compensation for all its employees, excluding the CEO.

 

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 annual total compensation of $61,778 in 2020, down from $110,706 in 2019 and $64,316 in 2018. The dramatic difference in 2019, Ford said, related to pension values and how the data is calculated.

Ford itemized more than $43 million in executive compensation for its top three executives in 2020: Hackett, Farley and executive chairman Bill Ford, filings show.

Ford's biggest individual earner last year was Hackett, who served as CEO from May 2017 to last October. His $16.7 million in total compensation broke down as $1.8 million in salary, $7.9 million in stock awards, $5.6 million in options, $828,000 in incentive plan compensation, and about $524,000 in other payments.

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