Dearborn — Ford Motor Co. paid CEO Jim Hackett $17.75 million in 2018, the automaker reported in a Friday filing with the Securities and Exchange Commission.
Hackett's income last year, his first full year as CEO, tops the $16.73 million the chief executive was paid in 2017. Hackett's base salary was $1.8 million; he received stock awards totaling $12.74 million in addition to a $2.59 million incentive bonus.
The annual report filed Friday with the SEC details the pay for Ford's top executives.
Executive pay other than Hackett's includes:
- Bill Ford Jr., executive chairman: Bill Ford made $13.83 million in 2018. That's less than the $15.26 total compensation he received in 2017. Ford's base salary in 2018 was $1.7 million, up from $1.65 million in 2017.
- Joe Hinrichs, executive vice president and president of global operations: Joe Hinrichs received $5.81 million in total compensation in 2018. He was the only top Ford executive to receive a discretionary bonus, totaling $97,920. That's less than the $12.12 million he made in 2017 when he received a $1 million incentive bonus. Hinrichs' base salary last year was $1.1 million, up slightly from $1.08 million in 2017.
- Jim Farley, executive vice president and president of global markets: Jim Farley made a total of $5.86 million in 2018, down from $13.47 million in 2017. Farley did not receive a discretionary bonus last year after getting $246,050 in 2016 and $200,000 in 2017. Farley's base salary in 2018 was $1.07 million, up from $973,417 in 2017.
- Bob Shanks, executive vice president and chief financial officer: Bob Shanks was paid $8.42 in total compensation in 2018, up from $6.74 million in 2017. His base salary was $971,250 last year, up from $879,750 in 2017.
All five of Ford's top executives had to meet performance goals in quality, automotive-segment operating cash flow and operating margin, Ford Credit pre-tax profit and automotive revenue to receive the bonuses included in their total pay. These incentive bonuses ranged from $2.59 million for Hackett to $720,000 for Shanks and Bill Ford.
Farley's incentive bonus totaled $792,000 and Hinrichs received $802,080.
The company paid $245,658 for Bill Ford's use of the company aircraft and $909,891 for the use of personal security. Ford paid $104,342 for Hackett's use of the aircraft.
Hackett's compensation for 2018 tops that of new Fiat Chrysler Automobiles NV CEO Michael Manley, who made $708,498 (600,442 euros) in his six months as chief executive of the Auburn Hills-based automaker. FCA paid its late CEO Sergio Marchionne $7.8 million (6.6 million euros).
Ford and General Motors Co. report their executive salaries differently than Fiat Chrysler Automobiles NV, which does not include some stock and potential performance-based equity awards. GM has not yet reported 2018 salaries.
GM typically releases its annual report in April. GM CEO Mary Barra was the highest-paid executive in the Detroit Three in 2018, earning $21.96 million.