Ford CEO Jim Hackett Made $16.7M in 2017, or 285 Times More Than Ford’s Median Employee Salary
Imagine getting a nice new job, albeit one that comes with a pretty fair amount of pressure to perform. You spend about seven months in the role, and you do a fairly capable job of it. Your compensation: $16.7 million, or about 285 times the compensation of the median salary for the people working beneath you. Sounds insane in a whole lot of ways, right? Well, thus is the story of Ford CEO Jim Hackett.
Ford’s regulatory filing this past Thursday revealed that the new CEO, who was appointed to the role in May 2017 after the departure of former CEO Mark Fields, received $1.3 million in salary, $1 million in bonuses, and $14.4 million in stock and additional compensation. Ford also revealed, as required by federal mandate, that Hackett’s pay was a scant 285 times greater than the $87,783 median salary of a Ford employee.
If you think Hackett’s eating good right about now, wait until you hear what the deposed CEO of Ford took home. For five months’ worth of work, Fields received $21 million, including his stock incentive grant which was canceled at the time of his departure.
Oh, but before you go thinking that this is an absurd amount of money for any one person to receive for less than half a year of labor, consider the fact that this total is almost $1 million less than the $22.1 million Fields in 2016—for a full year’s work. Sounds like the poor guy’s going to have to tighten his belt this year, huh? It’s probably a diamond-studded belt, by the way.
Ford Executive Chairman Bill Ford received $15.6 million in 2017, up from $13.9 million in 2016; and Edsel Ford II saw his compensation rise from $11.1 million in 2016 to $12.9 million in 2017. You ever lie awake at night sometimes and think about all the things you’d do with an extra $1,000? Bill Ford and Edsel Ford II must have done a lot of that last year, which would explain why they’re being compensated so handsomely. They just wanted it harder.
Just think about that the next time you’re weighing how far you can make your paycheck stretch between bills, food, shelter, and so on—you’d be doing fine right now if only you’d opted to be an executive instead of something frivolous like an educator. That’s probably your fault, really.
News Source: Automotive News (subscription required)