New Ford COO Jim Farley to get $2 million raise

News

DETROIT — Jim Farley could get as much as a 32 percent raise when he becomes Ford Motor Co. COO on March 1, according to a new filing with the Securities and Exchange Commission.

Ford, in the filing, said Farley’s total compensation will rise to $8.29 million, up nearly $2 million from his current compensation as president of new business, technology and strategy at the automaker.

The compensation payouts reflect base salary, stock grants and yearly bonus targets.

The 57-year-old’s base salary will rise to $1.4 million from $1.1 million. His annual bonus target will rise to $1.89 million from $1.375 million and his annual stock grant will rise to $5 million from $3.82 million, Ford disclosed in the filing.

The compensation committee on Ford’s board of directors approved the changes last week, according to the filing.

Farley earned $5.86 million in 2018, according to Ford’s most recent proxy filing. Joe Hinrichs, Ford’s president of automotive who will retire effective March 1, received $5.81 million.

Products You May Like

Articles You May Like

Corvette art comes with a matching car
Ford to end car production at German plant, will seek ‘alternative opportunities’ for operations
2023 Toyota 4Runner
David Donner out to reclaim Pikes Peak record in a stock Porsche 911 Turbo S
This Is Why We Never Use The Left Lane When Pulling Into A Road

Leave a Reply