Ford CEO Jim Hackett earned $17.1 million in 2018 as revenue fell

FILE PHOTO: Jim Hackett, President and CEO of Ford Motor Firm, speaks on the North American Worldwide Auto Present in Detroit, Michigan, U.S., January 14, 2019. REUTERS/Jonathan Ernst

DETROIT (Reuters) – Ford Motor Co Chief Government Officer Jim Hackett earned wage, bonus and inventory awards of $17.1 million in 2018, up from $16.three million the earlier 12 months, whereas adjusted pretax revenue for the automaker dropped $2.6 billion from 2017, the corporate mentioned on Friday.

Together with pensions and perks, Hackett made $17.7 million. The corporate mentioned Hackett, who took the helm of the No. 2 U.S. automaker in Might 2017, made 276 instances the median whole compensation of all Ford workers of $64,316.

Ford Chairman Invoice Ford earned wage, bonus and inventory awards for the 12 months of $12.5 million. Together with pensions and perks, he earned $13.eight million.

The corporate reported 2018 adjusted pre-tax revenue of $7 billion, down from $9.6 billion in 2017.

Ford is restructuring its world operations, together with current plans to make cuts in Europe. It additionally has introduced an alliance in business autos with Germany’s Volkswagen AG, with plans to collectively develop electrical and self-driving autos, in strikes meant to avoid wasting billions of {dollars}.

In January Ford, the No. 2 U.S. automaker, posted a decrease working fourth-quarter revenue as losses in each world area besides North America weighed on outcomes.

In a Jan. 24 e mail to workers after posting these outcomes, Hackett advised workers the corporate wouldn’t settle for final 12 months’s “mediocre” outcomes and mentioned Ford was aiming to just about double its annual working revenue. He supplied no time-frame for hitting that focus on.

Hackett, advised workers in that e mail “time to bury (2018) … in a deep grave.”

Reporting By Nick Carey; Modifying by Chizu Nomiyama and Invoice Trott

Author: Maxwell C.

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