INTERNATIONAL – Ford Motor chief executive Jim Hackett earned salary, bonus and stock awards of $17.1 million (R246m) in 2018, up from $16.3m the previous year, while adjusted pre-tax profit for the automaker dropped $2.6 billion from 2017, the company said on Friday.
Including pensions and perks, Hackett made $17.7m. The company said Hackett, who took the helm of the second-largest US carmaker in May 2017, made 276 times the median total compensation of all Ford employees of $64,316.
Ford Chairman Bill Ford earned salary, bonus and stock awards for the year of $12.5m. Including pensions and perks, he earned $13.8m.
The company reported 2018 adjusted pre-tax income of $7bn, down from $9.6bn in 2017.
Ford is restructuring its global operations, including recent plans to make cuts in Europe. It also has announced an alliance in commercial vehicles with Germany’s Volkswagen, with plans to jointly develop electric and self-driving vehicles, in moves meant to save billions of dollars.
In January Ford, posted a lower operating fourth-quarter profit as losses in every global region except North America weighed on results.
In a January 24 e-mail to employees after posting those results, Hackett told employees the company would not accept last year’s “mediocre” results and said Ford was aiming to nearly double its annual operating profit. He provided no time frame for hitting that target.
Hackett, told employees in that email “time to bury (2018) … in a deep grave.”
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