Ford CEO Jim Farley’s total compensation fell slightly in 2022 to $20,996,146, according to the company’s annual proxy statement.
Compensation for four of Ford’s top five named executives dipped from the prior year, largely because they received fewer incentives. Doug Field, Ford’s chief advanced product development and technology officer, was the lone named executive whose compensation rose.
Farley’s base salary remained unchanged at $1.7 million, while his stock awards and non-equity incentives dipped slightly. The company said his 2022 compensation amounted to 281 times the median total compensation of all Ford employees.
Farley earned $22.8 million in 2021.
The results follow a year of “frustrating” financial and operating results at the automaker. Ford posted adjusted earnings before interest and taxes of $10.4 billion dollars last year and a $2 billion net loss.
The day after reporting the results, Farley told employees that he would cut the percentage used to set bonuses for executives including himself.
“Our 2022 financial results were solid by historical standards but did not meet our high expectations,” Executive Chair Bill Ford said in a letter to shareholders that was part of the proxy. “Although issues relating to cost and supply chain persist, we are addressing these challenges head on and moving with urgency to accelerate Ford’s transformation. I am confident in our Ford+ plan, our leadership, and our people.”
Bill Ford earned $17.3 million in 2022, down from $18.6 million in 2021.
CFO John Lawler made $8.9 million last year, down from $9.4 million, and Kumar Galhotra, president of Ford Blue, made $8.1 million, down from $9.2 million in 2021.
Field, hired from Apple in September 2021, received just over $15 million, up from the $10.8 million he received in 2021.