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DEARBORN, MI – The total compensation for Ford CEO Jim Farley rose to nearly $26.5 million in 2023, according to a regulatory filing today with the U.S. Securities and Exchange Commission by the automaker.
Farley received $1.7 million in salary, plus $20.3 million in stock awards (up from $15.2 million in 2022), nearly $2.4 million in incentive plan compensation, and the balance in other benefits. That includes $732,943 for personal use of aircraft and $1.24 million for security.
The “Detroit Free Press” reports Farley’s compensation was 312 times that of the average employee, an increase from the 281-to-1 ratio in 2022. The average employee, excluding the CEO, made $84,829 in 2023, up from $74,691 a year earlier.
Total compensation for Ford five top executives was nearly $80 million. Board executive chair Bill Ford made $20.6 million. Farley earned $20,996,146 in 2022.
While hefty, Farley’s pay last year was nowhere near the $39.5 million taken home by Stellantis CEO Carlo Tavares, whose company makes Chrysler, Jeep, Ram, Dodge and Fiat models. Tavares’s total compensation was a staggering 518 times that of employees.
