DETROIT — Jim Farley could get as much as a 32 percent raise when he becomes Ford Motor Co. COO on March 1, according to a new filing with the Securities and Exchange Commission.
Ford, in the filing, said Farley’s total compensation will rise to $8.29 million, up nearly $2 million from his current compensation as president of new business, technology and strategy at the automaker.
The compensation payouts reflect base salary, stock grants and yearly bonus targets.
The 57-year-old’s base salary will rise to $1.4 million from $1.1 million. His annual bonus target will rise to $1.89 million from $1.375 million and his annual stock grant will rise to $5 million from $3.82 million, Ford disclosed in the filing.
The compensation committee on Ford’s board of directors approved the changes last week, according to the filing.
Farley earned $5.86 million in 2018, according to Ford’s most recent proxy filing. Joe Hinrichs, Ford’s president of automotive who will retire effective March 1, received $5.81 million.
