As is the case with CEOs of other large publicly traded companies, the annual compensation that top Ford executive Jim Farley receives each year typically makes the rounds in the news, courtesy of the company’s proxy statement filed with the U.S. Securities and Exchange Commission. Back in 2022, Farley’s total compensation dropped from $22.8 million in 2021 to $20.9 million, and in 2023, that figure rose to $26 million. However, that figure dropped yet again in 2024, largely due to the fact that Ford failed to meet some performance-based targets.
According to the Detroit Free Press, the total compensation paid out to Jim Farley in 2024 was $24,861,866, roughly two million less than the year prior. The Blue Oval noted that Farley and other executives saw a decline in pay last year after the company missed a handful of performance targets including those pertaining to quality improvement, board goals for pretax adjusted earnings before interest and taxes (EBIT), connected services, global EV sales volumes, and year-over-year revenue growth.
“Our overall achievement against the targets set for our 2024 Annual Performance Bonus Plan yielded a business performance factor of 69 percent,” Ford’s filing stated. “This result was largely driven by challenges in the quality metric. The Committee believes the final 2024 payouts for the Named Executives are consistent with the performance-based nature of the Annual Performance Bonus Plan, holding executives accountable for and emphasizing the importance of both their individual performance and the performance of the Company.”
As far as the ratio for Farley’s total compensation compared to all Ford employees goes, this drop also caused that gap to tighten, from 312-to-1 in 2023 to 253-to-1 – its lowest in three years. The median compensation for all Ford employees rose from $84,829 in 2023 to $98,273, but $71 million in executive compensation went to five individuals – Jim Farley, vice chair John Lawler, Executive Chairman Bill Ford, president of integrated services Peter Stern, and digital and design officer Doug Field.
Comments
The fact that this man is still on the payroll is a travesty.
Especially when quality is job none
The WEF/ hedge fund controlled boards of these companies are the problem. The insane push for EVs and putting bonuses into all of these exec contracts, industry wide not just at Ford, trying to push the agenda needs to end.
Poor guy only made $24 million. I feel so sorry for him. I would love to follow this guy around all day just to see what he does.
Miracle is he still is the CEO of Ford, no one understands why, since 3 years the situation of the company is going down worldwide and the best he can do is more and more ridiculous podcast’s … Wake up Ford family before is too late !
He must have pictures of someone in the Ford family doing something illegal – otherwise his compensation should go to $0, which is down a lot from the $24.8 million he was paid to further ruin Ford. Scrap models because of his political beliefs; tell the customers they are “wrong” for selecting models he doesn’t like; quality is down the crapper since he got involved. I’d dump him faster than Elon Musk is dumping federal bureaucrats, and never look back.
Farley and the entire board of directors compensation should have been drastically cut due to their decision on massive investments in EV’s pushed by the Biden administration. The annual loss of $5 billion per year since 2021 on EV’s is unconscionable let alone the failure of reducing recalls and warranty costs.
When he stated it was going to take several years, that was troubling!
He needed to crack the whip and have Saturday morning meetings, weekly on progress and cancel all vacations until resolved!!!
I can show him how to do this.
Also , completely eliminate DEI, promotions by merit and accomplishments
I guess quality is not JOB 1 ??? Boo Hoo Farley!!
Farley said four years ago that it would take two years to fix Quality Control problems.
At Ford Quality is Job NONE
At Ford, customer disappointment is job 1
Was one of those targets to get out any update of BlueCruise at all like promised within the last 3 years?