DETROIT — Ford Motor Co. CEO Jim Farley’s total compensation soared 93 percent to $22.8 million in 2021, his first full year as the company’s chief executive.
The increase is largely attributed to Farley’s stock awards, which more than tripled to about $16 million, according to the company’s annual proxy statement filed Friday. Farley’s pay included a $1.7 million base salary, up 19 percent over 2020. His compensation also included $830,305 for personal use of aircraft.
Ford executives hit 135 percent of their business performance targets in 2021, compared to just 23 percent the previous year at the beginning of the coronavirus pandemic. Ford said executives exceeded cash flow, pretax earnings and quality targets, although they achieved none of their revenue goals.
Despite ongoing challenges from semiconductor shortages, Ford posted 2021 net income of $17.9 billion, after racking up a $1.3 billion loss in 2020 as the pandemic spread. The company’s 2021 earnings included a $7.4 billion profit in North America.
Ford posted adjusted EBIT for 2021 of $10 billion, roughly four times its 2020 earnings. Coupled with an EBIT margin of 7.3 percent, it was Ford’s strongest performance since 2016. Ford’s 2021 revenue totaled $136 billion, up from $127 billion in 2020, marking the second consecutive year it generated more revenue than General Motors.
