Meanwhile, the Blue Oval is cutting jobs in Europe.
Financial documents released by Ford reveal the company’s CEO, Jim Hackett, received no less than $17.8 million in compensation for his work in 2018. That’s definitely a huge annual income, more precisely – 276 times bigger than the median salary for U.S.-based Ford workers, and is up by more than one million dollars compared to Hackett’s 2017 earnings.
Roughly $1.8 million of Hackett’s total earnings in 2018 come as a fixed salary, while $12.7 million are stock awards and other $2.6 million are a part of an incentive plan compensation. Approximately $617,710 come as “other compensation.”
The documents also list the four other highest-paid Ford executives in 2018:
- Bob Shanks, CFO – $8.4 million in 2018 versus $6.7 million in 2017 and $6.3 million in 2016;
- Bill Ford, Executive Chairman – $13.8 million in 2018 versus $15.6 million in 2017 and $13.9 million in 2016;
- Jim Farley, President of Global Markets – $5.9 million in 2018 versus $13.4 million in 2017 and $6.6 million in 2016;
- Joe Hinrichs, President of Global Operations – $5.8 million in 2018 versus $12.1 million in 2017 and $6.7 million in 2016.
Ford’s annual financial report to the U.S. Securities and Exchange Commission, a disclosure required of companies by the 2010 Dodd-Frank Act, shows the average compensation within the company’s full-time employees was $64,316 in 2018, up significantly from $58,693 during the previous year.
Meanwhile, amidst significant pay raise for executives, Ford has announced it will eliminate no less than 5,000 jobs in Germany and the United Kingdom as a part of a restructuring plan for its business on the European continent. The goal, the automaker says, is to “significantly decrease structural costs, reduce bureaucracy, empower leaders and managers, and eliminate less value-added work.”
Take a look at the press release section below for more information about Ford’s European restructuring plan.
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