Bloomberg News
Ford Motor Co.’s Chief Executive Jim Hackett earned $16.7 million in total compensation during his first year on the job, a challenging period when the auto maker was hit with rising expenses, unexpected recall costs and falling profits at home and abroad.
The pay package includes a $1 million signing bonus and $14.4 million in stock awards and other incentives. Ford’s F, +2.03% board also awarded Hackett and several other top executives cash bonuses for the company meeting internal targets on quality, revenue and other financial measures.
Chairman Bill Ford Jr. earned $15.6 million last year, including $12.8 million in stock, incentives and other compensation.
Hackett, a former office-furniture executive who took the helm last May following the firing of former chief Mark Fields, is still working to restructure the company. He has been cutting expenses in core areas, including marketing and engineering, and is shifting billions in investment away from low-margin cars toward higher profit trucks and SUVs.
An expanded version of this report appears on WSJ.com.
Also popular on WSJ.com:
Trump slams Amazon over taxes it pays and impact on other businesses.
The IRS is auditing a lot fewer Americans.