Recently, there are some financial documents being released by the company. The documents state that Ford CEO Jim Hackett received total compensation of $17.8 million in 2018. Although, this has elevated up from $16.7 million in 2017. According to the reports, Hackett’s pay was 276 times more than the median compensation for all U.S.-based Ford employees.
The report showed Ford employees earned a median, full-time salary of $64,316 in 2018, up from $58,693 in 2017. In 2017, Hackett received a total of $1.3 million in salary, along with a $1 million bonus. Furthermore, $10.3 million in stock awards, $3.6 million in incentive-plan compensation and $420,971 in other compensation.
Moreover, Ford has also announced job cuts in Germany and the United Kingdom. Ford will cut 5,000 jobs in Germany but did not confirm regarding the number of jobs eliminated in the United Kingdom. On Friday, Ford offered voluntary separation packages to employees overseas.
“It is unfortunate that they are willing to announce the number of jobs being cut everywhere. But, the U.S. where they keep slashing silently but sharing nothing, leaving employees, families, and communities hanging,” said economist Jon Gabrielsen, who advises the auto industry and suppliers.
Hackett also spent $104,342 for personal use of aircraft in 2018. “Company policy does not allow the president and CEO or the executive chairman to fly commercially due to security concerns. The company pays the costs associated with their use of private aircraft for business and personal travel. The families of these persons are allowed to accompany them on trips when they travel on private aircraft,” reads page 57 of the packet prepared for shareholders.
The most redundant fact is that now the company’s reputation is at stake. So, now let’s wait for the next orientation.