Kyle Johnson
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Ford CEO Jim Hackett Made $17.75M in 2018

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New Ford President and CEO Jim Hackett
Ford President and CEO Jim Hackett made $17.75 million in compensation in a year he pegged as being “mediocre by any standard”
Photo: Ford

It’s tax season, so you’ve probably already had a chance to take a look at your W-2 and see how much you made last year. Maybe you got a nice pay increase and finally pushed past some salary barrier like $50,000 or $70,000 or maybe even $100,000. Good for you! It’ll bring you endless joy, no doubt, to learn that whatever you made pales in comparison to Ford CEO Jim Hackett, who banked $17.75 million in compensation in his first year on the job — a year that he himself described as “mediocre by any standard.”

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Imagine having a mediocre year and making enough money to buy, I dunno, your own small island or something? That’d sure be nice, but here you are, still paying off your student loans, you big dummy.

According to a regulatory filing, Hackett made $1.8 million in base salary, $12.7 million in stock awards, and $2.6 million in bonuses and incentives. He also got $104,342 for personal use of a company plane. Neat!

Hackett made $16.7 million in 2017 for seven months on the job following the retirement/force-out of former CEO Mark Fields.

Ford also reported that the median salary for employees not including the CEO was $64,316, up from 2017’s reported figure of $58,693. The $5,000+ average increase in salary means that Hackett made just 276 times the median employee salary last year, down from 2017’s 285 times the median salary. At the rate they’re going, Ford employees might catch up to the CEO salary grade in, what, 1,000 years? Maybe sometime before the inevitable heat death of the planet?

Other bigtime Ford execs had to tighten their belts last year. Executive Chairman Bill Ford made just $13.84 million, down from $15.6 million in 2017; President of Global Markets Jim Farley tumbled from $13.47 million to a barely-scraping-by $5.86 million; and Ford President of Global Operations Joe Hinrichs probably had to start buying the generic cereal after seeing his compensation fall from $12.1 million in 2017 to $5.82 million.

Farley and Hinrichs just missed out on a $1.1 million bonus because Ford didn’t hit 100 percent of its targets, having to settle instead for paltry bonuses of $792,000 and $802,080, respectively. Can these poor millionaires catch a break sometime?

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News Source: Automotive News (subscription required)