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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

Ford also disclosed data for its other highest-paid current executives in overall compensation in 2020:

Bill Ford at $16,046,542, down from $16.8 million, in 2019. Tim Stone, who was hired as chief financial officer in 2019, at $6,173,021. Farley on his first day as CEO announced Stone's departure. Stone was compensated $8.3 million in 2019, which included an $850,000 signing bonus and $692,652 for moving from California to Michigan. John Lawler, who replaced Stone as CFO on Oct. 1, at nearly $6 million. Lawler was CEO of Ford Autonomous Vehicles and vice president of mobility partnerships. Hau Thai-Tang, who was promoted from chief product development and purchasing officer to chief product platform and operations officer, at $11,780,405. Kumar Galhotra, president of the Americas and International Markets Group, earned $8,534,094. His responsibilities expanded last year.

Bill Ford's benefits included $187,442 for personal use of aircraft and $921,030 for personal security. Farley's included $318,864 for personal use of aircraft. Aircraft costs are based on fuel, maintenance, flight crew, insurance and hangar storage expenses.

Competitor comp

Neither General Motors nor Stellantis have released their executive compensation packages for 2020.

Fiat Chrysler Automobiles paid CEO Mike Manley more than $14.4 million in total compensation in 2019.

 

General Motors CEO Mary Barra earned $21.6 million in total compensation in 2019.

Board diversity

The Ford statement filed with federal regulators also noted that the recommended 14-member board of directors would result in four women and two members who identify as being part of minority groups. The new totals reflect the addition of Alexandra Ford English and Henry Ford III.

In 2020, Ford compensated its directors in cash, stock and other benefits from $96,760 for director Jon Huntsman to $996,733 for director Edsel B. Ford II, which reflects consulting fees.

The proxy report is prepared in advance of a May 13 virtual annual shareholders meeting. The document notes Farley's "accession" to CEO led to his unveiling "The Plan: Ford's strategy to speed our transformation, improve execution, and drive growth. Under The Plan, we will turn our business around by modernizing how we operate, simplifying our processes, building on our strengths, exploring new opportunities, caring for each other and our customers, and leading the electrification revolution in areas of strength."

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