DETROIT — Ford Motor Co. CEO Jim Farley’s whole compensation soared 93 % to $22.eight million in 2021, his first full yr as the corporate’s chief govt.
The rise is essentially attributed to Farley’s inventory awards, which greater than tripled to about $16 million, in accordance with the company’s annual proxy statement filed Friday. Farley’s pay included a $1.7 million base wage, up 19 % over 2020. His compensation additionally included $830,305 for private use of plane.
Ford executives hit 135 % of their enterprise efficiency targets in 2021, in comparison with simply 23 % the earlier yr at the start of the coronavirus pandemic. Ford stated executives exceeded money stream, pretax earnings and high quality targets, though they achieved none of their income targets.
Regardless of ongoing challenges from semiconductor shortages, Ford posted 2021 net income of $17.9 billion, after racking up a $1.three billion loss in 2020 because the pandemic unfold. The corporate’s 2021 earnings included a $7.four billion revenue in North America.
Ford posted adjusted EBIT for 2021 of $10 billion, roughly 4 occasions its 2020 earnings. Coupled with an EBIT margin of seven.three %, it was Ford’s strongest efficiency since 2016. Ford’s 2021 income totaled $136 billion, up from $127 billion in 2020, marking the second consecutive yr it generated extra income than Normal Motors.