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New Ford COO Jim Farley to get $2 million raise

DETROIT — Jim Farley could get as a great deal as a 32 per cent increase when he results in being Ford Motor Co. COO on March one, according to a new filing with the Securities and Exchange Fee. Ford, in the filing, reported Farley’s full payment will increase to $8.29 million, up approximately $two […]

DETROIT — Jim Farley could get as a great deal as a 32 per cent increase when he results in being Ford Motor Co. COO on March one, according to a new filing with the Securities and Exchange Fee.

Ford, in the filing, reported Farley’s full payment will increase to $8.29 million, up approximately $two million from his present-day payment as president of new organization, technologies and technique at the automaker.

The payment payouts mirror foundation income, inventory grants and yearly reward targets.

The fifty seven-yr-old’s foundation income will increase to $one.four million from $one.one million. His once-a-year reward concentrate on will increase to $one.89 million from $one.375 million and his once-a-year inventory grant will increase to $five million from $3.eighty two million, Ford disclosed in the filing.

The payment committee on Ford’s board of directors accredited the adjustments past week, according to the filing.

Farley acquired $five.86 million in 2018, according to Ford’s most recent proxy filing. Joe Hinrichs, Ford’s president of automotive who will retire helpful March one, received $five.eighty one million.

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