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Jim Hackett describes his steering method of Ford Motor Co. in an interview with the Detroit Free Press.
Ryan Garza, Detroit Free Press

Ford CEO Jim Hackett received total compensation of $ 17.8 million in 2018, up from $ 16.7 million in 2017, according to financial documents released by the company on Friday.

The Dearborn-based automaker said Hackett's pay was 276 times higher than the median earnings of all Ford employees in the United States.

In its annual executive compensation report to the United States Securities and Exchange Commission, Ford included salary and full pay ratio information in its annual report, which is now being companies by the Dodd-Frank Act of 2010.

Ford Motor Company General Manager Jim Hackett poses for a photo at the Henry Ford II World Center in Dearborn on Wednesday, February 20, 2019. (Photo: Ryan Garza)

The report shows that Ford employees earn a full-time median salary of $ 64,316 in 2018, up from $ 58,693 in 2017.

In 2017, Hackett received a total salary of $ 1.3 million, as well as a $ 1 million bonus, $ 10.3 million share awards, a compensation for Incentive plan of $ 3.6 million and another compensation of $ 420,971.

Ford's biggest individual income last year was Hackett, 63, who received a total compensation of $ 17.8 million. It broke down into $ 1.8 million in wages; $ 12.7 million in free shares; $ 2.6 million in incentive plan compensation and approximately $ 617,710 in other compensation.

Ford also released data from its other four top-paying top executives:

  • CFO Bob Shanks received compensation of $ 8.4 million for 2018, compared to $ 6.7 million in 2017 and $ 6.3 million in 2016.
  • Executive Chairman Bill Ford received compensation of $ 13.8 million, up from $ 15.6 million in 2017 and $ 13.9 million in 2016.
  • World Markets President Jim Farley has been compensated for $ 5.9 million compared to $ 13.4 million in 2017 and $ 6.6 million in 2016.
  • Global Operations President Joe Hinrichs received compensation of $ 5.8 million, up from $ 12.1 million in 2017 and $ 6.7 million in 2016.

Although Farley and Hinrichs have seen a drop in total compensation, everyone has actually increased their base salary. Farley's rose from $ 973,000 in 2017 to $ 1 million in 2018. Mr. Hinrichs has recorded an increase from about $ 20,000 to $ 1.1 million. The reason for a decline in overall compensation is explained by the payment of a lower bonus for the performance of 2018. And, for these two, they received special awards of 39, shares in 2017, which have not been renewed in 2018.

Bill Ford's salary went from $ 1.65 million to $ 1.7 million in 2018, but his bonus went from $ 1 million in 2017 to $ 720,000.

Ford Motor Co. offers its CEOs and Chief Executive Officer compensation in excess of $ 13 million, for a total of $ 31.6 million.

Hackett made the headlines by sending a January memo in which it was written: "2018 was mediocre in every way."

Currently, Hackett is getting triple the compensation that he has earned as the CEO of Steelcase, a company based in Grand Rapids. he received a total compensation of $ 5.8 million in each of its last three years; He retired in 2014 after three decades at the office furniture manufacturer, according to Automotive News.

Hackett took the reins of the iconic automaker on May 22, 2017. He is currently leading a $ 11 billion restructuring effort that includes job cuts.

When the free press asked for the name, title and compensation system of the highest paid female CEO at Ford, company spokeswoman Karen Hampton said Ford would not disclose information about employees not listed not in the power of attorney of the company.

At the same time, FCA paid its president John Elkann $ 1.92 million in 2018, with no annual bonus. Mary Barra, 57, GM's CEO, is also Executive Chairman of the Board; its compensation program of $ 21.96 million in 2017 covered both roles. GM has not yet released figures on executive pay or compensation ratio.

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Joe Hinrichs, President, Global Operations at Ford, stands in front of the "Kong" robot moving SUV bodies into the Ford Kentucky Truck Plant in Louisville, KY, on February 9, 2018. Kong arrived in September 2017 with an amount of $ 925. millions of investments. (Photo: Phoebe Wall Howard, Detroit Free Press)

Overall, automakers say they are slowing down their sales cycle.

Ford lost money in all markets of the world except North America in 2018.

Ford announced pre-tax earnings – EBIT – 2018 of 201 billion in 2018, down from 9.6 billion in 2017. The company reported a pre-tax tax of $ 7.6 billion in North America, which will result in the verification of the UAW 56,000 hourly workers. North America and Ford Credit were the only profitable units of the company.

Ford is the second of the Detroit 3 this year to report compensation for its key executives.

Fiat Chrysler Automobiles said in February that CEO Mike Manley had earned $ 680,434 for his six-month work since the sudden death of Sergio Marchionne on July 25, 2018. Longtime CEO Earned $ 11.95 Million in 2017, plus $ 35.8 million in bonuses and shares. benefits over three years. Meanwhile, 55-year-old Manley is expected to earn $ 14 million in compensation for 2019 when he reaches his goals. $ 1.6 million salary, $ 2.4 million bonus and $ 10 million equity.

Because the FCA is headquartered in Europe and not in the United States, it is not necessary to report the compensation ratios.

Contact Phoebe Wall Howard at age 313-222-6512or [email protected]. Follow her on Twitter @phoebesaid. Learn more about Ford and sign up for our Car Newsletter.

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