Brian Acker discusses Ford
Ford Motor Co. Chief Executive Officer Jim Hackett’s compensation slipped 2.2 per cent in 2019, a year he summed up as “simply not nearly good enough.”
Hackett received US$17.35 million in total compensation, down from US$17.75 million in 2018, according to regulatory filing Friday. While his salary was steady at US$1.8 million and he didn’t receive a bonus for the second straight year, stock awards and other compensation were bumped up to US$13.2 million.
Hackett, 64, already was struggling to execute an US$11 billion global restructuring when the coronavirus outbreak upended the automaker, which has closed factories worldwide, suspended its dividend and had its credit cut to junk by S&P Global Ratings. Ford this week canceled plans to reopen several U.S. factories in mid April and said shutdowns in Europe will last until at least May 4.
The disruptions risk squandering a year in which Ford was hoping to atone for a disastrous launch of the Explorer sport utility vehicle by smoothly rolling out a revived Bronco SUV, redesigned F-150 pickup and new electric Mustang Mach-E. With those plans now up in the air and the company losing billions during indefinite shutdowns, Ford’s stock has plunged to an 11-year-low. The shares have fallen almost 60 per cent since Hackett became CEO in May 2017.