Ford CEO Jim Hackett received $17.36 million in compensation

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Thread: Ford CEO Jim Hackett received $17.36 million in compensation

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    Ford CEO Jim Hackett received $17.36 million in compensation

    https://www.detroitnews.com/story/bu...on/5117544002/


    Ford Motor Co. CEO Jim Hackett in 2019 received $17.36 million in total compensation, the Dearborn automaker reported in a Friday filing with the Securities and Exchange Commission.

    Hackett's income last year, his second full year as CEO, fell 2.2% from the $17.75 million the chief executive was paid in 2018. While Hackett's base salary was steady at $1.8 million and his stock awards were up 3.5% at $13.19 million, incentive bonuses fell 32% to $1.75 million.

    Ford's $6.379 billion in earnings before interest and taxes in 2019 missed the lowered guidance the automaker set of between $6.5 billion and $7 billion. The start of production of the company's redesigned Explorer SUV faced manufacturing problems, resulting in delays and fallen sales.

    Hackett's compensation was 157 times more than the median employee compensation of $110,706, which was up from $64,316 in 2018 because of increased pension contributions.

    The annual report filed Friday with the SEC details the pay for Ford's top executives.



    Executive Chairman Bill Ford Jr. made $16.76 million in 2019. That's more than the $13.83 million total compensation he received in 2018 mostly from a $2.65 million change in pension value and deferred compensation earnings. Ford's base salary in 2019 was $1.7 million, the same as in 2018.

    Jim Farley, Ford's former president of new businesses, technology and strategy who became chief operating officer last month, made a total of $8.36 million in 2019, down from $5.86 million in 2018. Farley's base salary in 2019 was $1.1 million, up from $1.07 million in 2018. Farley received a discretionary bonus that valued $185,600.



    In his new role, Farley's compensation includes a $1.4 million base salary, a performance-based incentive bonus target of $1.89 million and an annual stock grant of $5 million, the automaker recently disclosed.

    Joe Hinrichs, Ford's former president of automotive, received $11.02 million in total compensation in 2019. That was more than the $5.81 million he made in 2018 when he received a $97,920 bonus. Although Hinrichs did not receive a bonus in 2019, he received more in stock awards valued at $6.09 million and $2.65 million from a chance in pension value and deferred compensation earnings. Hinrichs' base salary last year was $1.3 million, up slightly from $1.1 million in 2018. Hinrichs retired last month after Ford reported its disappointing 2019 earnings results.


    Tim Stone, Ford's chief financial officer, received $8.32 million for the first year the automaker publicly reported his compensation. That included a $783,338 base salary, a $1.48 million discretionary bonus, $4.3 million in stock awards and $742,500 in incentives.
    Last edited by InCogKneeToe; 04-03-2020 at 11:58 AM.

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    Re: Ford CEO Jim Hackett received $17.36 million in compensation

    Really? What did he do right?

    Explorer Bombed,

    Escape Missed,

    Bronco, Late.

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    Re: Ford CEO Jim Hackett received $17.36 million in compensation

    These men are rich

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    Re: Ford CEO Jim Hackett received $17.36 million in compensation

    Quote Originally Posted by InCogKneeToe View Post
    the median employee compensation of $110,706
    Wow! That means more than half of all Ford employees received a six figure (or more) compensation package last year.
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    Re: Ford CEO Jim Hackett received $17.36 million in compensation

    Quote Originally Posted by InCogKneeToe View Post
    Really? What did he do right?

    Explorer Bombed,

    Escape Missed,

    Bronco, Late.
    He was down 2%

    I don't mind the huge pay packages, but I do mind it when there are a string of failures and the pay package is down a whopping 2%. That's nothing when you are talking this kind of money. 2% is less than $400k. Is the man going to have to switch to grocery store caviar vs. freshly caught because of the small drop? He won't even notice it - how is that performance based payment?

    Of course, now that the stock price has been cut in half he'll notice that, but that isn't a reflection on his performance.

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    Re: Ford CEO Jim Hackett received $17.36 million in compensation

    Quote Originally Posted by BlackGTP View Post
    He was down 2%

    I don't mind the huge pay packages, but I do mind it when there are a string of failures and the pay package is down a whopping 2%. That's nothing when you are talking this kind of money. 2% is less than $400k. Is the man going to have to switch to grocery store caviar vs. freshly caught because of the small drop? He won't even notice it - how is that performance based payment?

    Of course, now that the stock price has been cut in half he'll notice that, but that isn't a reflection on his performance.

    The workers in the Chicago plant that did a very poor job of building the new Explorer and Aviator did not have their pay reduced. In fact, other employees were paid overtime to fix the defective vehicles.

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    Re: Ford CEO Jim Hackett received $17.36 million in compensation

    Quote Originally Posted by 1999 White C5 Coupe View Post
    The workers in the Chicago plant that did a very poor job of building the new Explorer and Aviator did not have their pay reduced. In fact, other employees were paid overtime to fix the defective vehicles.
    I need to work for one of these companies where my bonus is not impacted by performance.

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    Re: Ford CEO Jim Hackett received $17.36 million in compensation

    Quote Originally Posted by BlackGTP View Post
    I need to work for one of these companies where my bonus is not impacted by performance.
    I have been on Commission the last 30 years.

    Somedays, I make a Crazy/Hour wage, others I loose money going to work. It's just the way it is, I can't and don't live paycheck to paycheck.

    But the ONE thing Commission does is "The Harder I work, The MORE I get paid"

    Every CO. should work on a similar Merit System. Maybe something based on "Net Profit, Stock Value" But over 17 MILLION?????????

    I can't even Compute that.

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    Re: Ford CEO Jim Hackett received $17.36 million in compensation

    Quote Originally Posted by BlackGTP View Post
    I need to work for one of these companies where my bonus is not impacted by performance.
    Have you checked into government service?
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    Re: Ford CEO Jim Hackett received $17.36 million in compensation

    Quote Originally Posted by InCogKneeToe View Post
    But the ONE thing Commission does is "The Harder I work, The MORE I get paid"

    Every CO. should work on a similar Merit System. Maybe something based on "Net Profit, Stock Value" But over 17 MILLION?????????

    I can't even Compute that.
    Hard to argue with that. I always try to think of CEO compensation as a % of revenue, or if you want to relate it to your job, a tiny commission on every unit sold. Not saying its right or wrong, just the way I think of it.
    Last edited by CJH; 04-03-2020 at 06:51 PM.
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    Re: Ford CEO Jim Hackett received $17.36 million in compensation

    Quote Originally Posted by gkr778 View Post
    Wow! That means more than half of all Ford employees received a six figure (or more) compensation package last year.
    Yup, and the guy in charge of it all shouldn't make more than $60,000 with 2 1/2 weeks vacation and 6 (sick) days?



    Quote Originally Posted by CJH View Post
    Hard to argue with that. I always try to think of CEO compensation as a % of revenue, or if you want to relate it to your job, a tiny commission on every unit sold. Not saying its right or wrong, just the way I think of it.
    That is probably a good way to look at it, it is a lot of money no-doubt, but supervisors, managers, directors, general managers, vice presidents, executives, BOD, CEO; all make more than another.
    Last edited by Ed753; 04-03-2020 at 08:27 PM.
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    Re: Ford CEO Jim Hackett received $17.36 million in compensation

    Quote Originally Posted by BlackGTP View Post
    He was down 2%

    I don't mind the huge pay packages, but I do mind it when there are a string of failures and the pay package is down a whopping 2%. That's nothing when you are talking this kind of money. 2% is less than $400k. Is the man going to have to switch to grocery store caviar vs. freshly caught because of the small drop? He won't even notice it - how is that performance based payment?
    Me either. He deserves every 20.00 bill he got for doing such a bang up job. In fact, I think we should start a GoFundMe page to help make up the difference.

    Who's with me?
    It sounded pretty good until I actually said it.

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    Re: Ford CEO Jim Hackett received $17.36 million in compensation

    If the company does well, the CEO gets all the cred.
    If the company stumbles, the CEO gets all the blame.

    Pretty simple.
    That said, I have yet to witness the fruit of Jim's plan coming forward, although I don't really see anything worthy of a complete stumble either. Explorer and Escape are not his fault, as he joined too late to make an impact.

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    Quote Originally Posted by DreadNaughty View Post
    If the company does well, the CEO gets all the cred.
    If the company stumbles, the CEO gets all the blame.

    Pretty simple.
    That said, I have yet to witness the fruit of Jim's plan coming forward, although I don't really see anything worthy of a complete stumble either. Explorer and Escape are not his fault, as he joined too late to make an impact.
    Hackett has been Ford CEO for three years now and each year has proved more difficult
    than the last. External forces for sure but I would say that criticism of cheap and nasty
    interiors are all to do with his cost cutting, perhaps to lure buyers into paying more for
    higher trim levels? That seems to be working with Explorer but the emergency update
    to Explorer's XLT interior due this month will have to wait until production restarts.
    Last edited by jpd80; 04-04-2020 at 01:58 AM.

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    Re: Ford CEO Jim Hackett received $17.36 million in compensation

    Quote Originally Posted by jpd80 View Post
    Hackett has been Ford CEO for three years now and each year has proved more difficult
    than the last. External forces for sure but I would say that criticism of cheap and nasty
    interiors are all to do with his cost cutting, perhaps to lure buyers into paying more for
    higher trim levels? That seems to be working with Explorer but the emergency update
    to Explorer's XLT interior due this month will have to wait until production restarts.
    I had to double-check, yup it'll be 3 years at the end of May 2020.
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