Jim Farley, Ford’s CEO has made waves in recent months, as he took a road trip in an electric vehicle, and declared that EVs have a big problem with battery production and charging infrastructure. Ford is currently working hard to address this problem, however, and Farley is at the head of these efforts. So how much does Farley make, and how did he rise to such a lofty position?
How much money does Jim Farley make?
According to The Detroit Free Press, Farley made $20,996,146 in 2022. The median annual total for all Ford employees was $74,691. When you compare Farley’s salary to the compensation of the median wage workers, this is an average of 281-to-1.
After a less-than-ideal productivity and efficiency rating in 2022, Farley made the decision to cut the performance bonus for executives. The Detroit Free Press went on to state, “Ford’s biggest individual earner last year was Farley, whose total compensation broke down as $1.7 million in salary, nearly $15.2 million in stock awards, nearly $2.8 million in incentive plan compensation, and the balance in other payments for items such as evaluation vehicles and life insurance/death benefit.”
The Ford CEO also gets some other perks, like $903,857 for personal use of aircraft, as well as a $2,754,000 incentive bonus plan.
It’s interesting to note that Farley has actually taken a pay cut in recent years. In 2022, he made $20,996,146. In 2021, that number was $22,813,000. This is a decrease of $1,816,854.
Jim Farley has a long history with Ford
Ford reports that Farley has been a part of the company since 2007. Before that, he was the group vice president and general manager of Lexus. In this position, he was responsible for advertising, incentives, internet activities, market planning, merchandising, and sales promotion.
Farley was also part of Toyota’s strategic planning, product, and marketing division. He did this for both the U.S. and Europe and assisted greatly with the launch of the Scion brand.
Once he moved to Ford, Farley held several positions, including Ford’s executive vice president and president of Global Markets. Later, Ford would name Farley president of New Businesses, Technology, and Strategy.
After this, Farley became the Chief Operating Officer. In this position, it was his job to focus on Ford’s global automotive operations and take them to the next level. He was also instrumental in helping Lincoln develop a firm standing in China.
Jim Farley has a sincere love of cars
Farley’s passion for automobiles doesn’t stop when he goes home. He loves to race vintage cars and also collects them.
When not on a business call, Farley can be found traveling the world with his 1965 Ford GT 40, 1966 427 Cobra, or 1978 Lola 298. He also has other vehicles that he will sometimes race.
Farley also hosts a podcast known as DRIVE. Unsurprisingly, it’s all about America’s interest in cars.
In his role as CEO, Farley doesn’t shy away from controversy. He wants to see EVs become more prevalent, but he also isn’t blind to the fact that there are some issues like range anxiety, the lack of charging stations, and the controversy surrounding battery production.
Farley has owned up to this and is eager to find a way forward. In doing so, he has partnered with Tesla to allow Ford drivers to use Tesla’s legendary Supercharger Network. In doing so, Elon Musk and Farley have sort of put their rivalry behind them, at least as far as driving EVs goes.