Last week the Ford Motor Company released finance documents for the 2018 fiscal year. The documents included the compensation for various employees, including CEO Jim Hackett. In 2018, Hackett received total compensation of $17.8 million, which was an increase from $16.7 million in 2017.
Ford reports that Hackett’s overall compensation was 276 times more than the median compensation for all other Ford employees based in the United States. CEO Jim Hackett, age 63, was Ford’s largest individual earner in 2018. This news may be a hard pill to swallow after layoffs were confirmed earlier this week.
According to the Detroit Free Press, 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. Disclosures like this have been required of companies since the 2010 Dodd-Frank Act.
The report disclosed that Ford employees earned a median, full-time salary of $64,316 in 2018, which was up from $58,693 in 2017. Meanwhile, CEO Jim Hackett received a $1.3 million in salary in 2017, along with a $1-million bonus, $10.3 million in stock awards, $3.6 million in incentive plan compensation, and $420,971 in other compensation.
For the 2018 fiscal year, Hackett’s increased pay broken down includes $1.8 million in salary, $12.7 million in stock awards, $2.6 million in incentive plan compensation, and approximately $617,710 in other compensation.
If you’re curious about other top earners, we have listed the four other highest-paid executives at the Ford Motor Company below.
- CFO Bob Shanks was compensated $8.4 million in 2018, compared to $6.7 million in 2017 and $6.3 million in 2016.
- Executive Chairman Bill Ford was compensated $13.8 million, a decrease from $15.6 million in 2017 and $13.9 million in 2016.
- President of Global Markets Jim Farley was compensated $5.9 million, down from $13.4 million in 2017 and $6.6 million in 2016.
- President of Global Operations Joe Hinrichs was compensated $5.8 million, down from $12.1 million in 2017 and $6.7 million in 2016.