Ford CEO Jim Farley’s Compensation Jumps to $26.5 Million in 2023

Jim Farley, the CEO of Ford, saw a significant increase in his total compensation in 2023, reaching $26,470,033. This marks a 26% raise compared to the previous year. While this may seem like a substantial amount, it is worth noting that Farley’s compensation is still lower than many other automotive CEOs in the industry.

Farley’s Compensation Breakdown

Farley’s compensation package includes a base salary of $1.7 million, $20.3 million in stock awards, and $2.4 million in incentive plan compensation. These figures were detailed in Ford’s annual shareholder meeting notice statement.

Industry Response

While Ford praised Farley for his achievements over the fiscal year, UAW President Shawn Fain criticized the move, calling it “corporate greed.” Fain highlighted the disparity between Farley’s compensation and that of the average Ford employee.

Performance Highlights

Ford attributed Farley’s compensation to his successful leadership, which led to another profitable year for the company. Farley played a key role in turning around Ford’s international operations, negotiating deals with UAW and Unifor in Canada, and driving improvements in cost and quality. Ford’s revenue saw an 11% increase to $176 billion in 2023.

Comparison with Other CEOs

Despite the substantial increase in Farley’s compensation, it is still lower than that of other industry CEOs. For example, Stellantis CEO Carlos Tavares earned around $40 million in 2023, while GM CEO Mary Barra received $29 million the previous year.

Overall, Farley’s compensation reflects his contributions to Ford’s success, but it also raises questions about income inequality within the company.