DETROIT -- Jim Farley could get as much as a 32 percent raise when he becomes Ford's chief operating officer on March 1, according to a new filing with the Securities and Exchange Commission in the U.S.
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.
Ford announced Farley's promotion on Feb. 7 along with the retirement of Hinrichs, 53, his primary rival at the company.
Farley joined Ford in 2007 from Toyota as global head of marketing and sales and went on to lead Lincoln, South America, Ford of Europe and all of Ford's global markets in successive roles.
His latest role will be his most challenging, as he attempts to steer Ford through a transformation of its product portfolio at a time when it's under intense pressure from Wall Street to deliver profits.
Bloomberg contributed to this report
