Ford CEO Jim Hackett received a total compensation of $ 16.7 million in 2017, his first calendar year at the head of the company, the automaker said Thursday.
Hackett became CEO on May 19, previously head of Ford Smart Mobility. The company reported that its annualized salary of $ 17.4 million was 199 times higher than the median compensation of all Ford employees in the United States.
For the first time in its annual compensation report, Ford has provided salary and salary metrics to its entire workforce to the US Securities and Exchange Commission. This additional disclosure is now required by companies through the Dodd-Frank Act of 2010.
The report showed Ford employees earned a full-time full-time salary of $ 58,693, or $ 87,783, in value of their health insurance last year, profit sharing checks and other compensation
Hackett received a total of $ 1
Overall, Ford reported a $ 7.6 billion profit for $ 156.8 billion in sales in 2017, leading to $ 7,500 in profit sharing checks for UAW workers. The company's sales increased 3% year-over-year, mainly due to sales in North America.
Ford's largest single-time earner last year was former CEO Mark Fields, who received a total of $ 21 million, 1.1 million less than in 2016. His compensation was $ 1 million salary; $ 14 million in stock awards; $ 2.1 million in incentive plan compensation; $ 6 million in pension-related compensation and approximately $ 400,000 in other compensation.
Ford also announced the total compensation for its four other highest paid executives:
CFO Bob Shanks posted $ 6.7 million for 2017, compared with $ 6.3 million for 2016.
Executive Chairman Bill Ford earned $ 15.6 million from $ 13.9 million for 2016.
President of Global Markets Jim Farley earned $ 13.4 million, up from $ 6.6 million for 2016.
And President of Global Operations Joe Hinrichs earned $ 12.1 million, nearly its $ 6.7 million for 2016.  Ford is the second of Detroit 3 this year to report compensation to its top executives. Fiat Chrysler Automobiles said in February that CEO Sergio Marchionne was paid $ 11.95 for 2017. However, FCA, which is not based in the US, did not have to report pay grades.
General Motors has not yet reported any executive salary or salary numbers on the wage share
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