Here's how much Ford CEO Jim Farley made last year

Ford Motor Co. CEO Jim Farley received nearly $21 million in total compensation in 2022 — down 8% from what he pocketed the year prior.

The total compensation package that Farley, 60, earned last year included a base salary of $1.7 million, $15.1 million in stock awards, and nearly $2.8 million in bonuses. He received nearly $1.4 million worth of other compensation in the form of perks like the use of private aircraft and company vehicles. That's according to an annual proxy statement Ford filed Friday.

Farley's total compensation amounted to 281 times the median annual total compensation of all Ford employees last year: $74,691.

Farley's compensation package is down from 2021, his first full year as CEO, when he brought in $22.8 million in total compensation. That marked a 93% increase from 2020, when he became CEO in October after previously serving as chief operating officer.

The company is required to report compensation packages for all of its top five named executives, which include Farley, Executive Chair Bill Ford Jr., Chief Financial Officer John Lawler, Ford Blue President Kumar Galhotra, and Doug Field, chief advanced product development and technology officer. Everyone except Field saw their total compensation decline from 2021, a reflection in part of bonus cuts aimed at fostering accountability after 2022 earnings came in below expectations.

In a letter to shareholders, Bill Ford Jr. acknowledged that 2022 financial results, which included a $2 billion net loss, "did not meet our high expectations."

"Although issues relating to cost and supply chain persist, we are addressing these challenges head on and moving with urgency to accelerate Ford’s transformation. I am confident in our Ford+ plan, our leadership, and our people," he wrote. "The road ahead is incredibly exciting. Our vehicles, technologies, and services continue to earn the enthusiasm of the public and trust of our customers across each of our three automotive businesses: Ford Blue, Ford Model e, and Ford Pro."

Ford+ is the company's growth plan, centered on three separate business units dedicated, respectively, to combustion engine and hybrid vehicles; electric vehicles and software; and products and services for commercial customers. The company is investing $50 billion in electrification as it aims to reach an annual EV production rate of 2 million units by the end of 2026.

Bill Ford Jr.'s total compensation was $17.3 million in 2022, down from $18.7 million in 2021.

In 2021, Farley received a base salary of $1.7 million, stock awards worth just over $16 million and an incentive of $3.7 million for a total of $21.5 million in direct compensation. In addition, he received nearly $1.4 million in retirement and fringe benefits. His total remuneration was 356 times what the median employee earned, which was $64,003 that year.

Lawler's total compensation was about $9 million in 2022. In 2021, his first full year as CFO, he received $9.4 million in total compensation in 2021 after Ford booked profits of $17.9 billion. In 2022, Lawler got a 12.4% raise, bringing his base salary to nearly $1.2 million from about $1 million the year before.

Galhotra, who last year was tapped to head up Ford's internal combustion engine business unit, got a 2.7% raise in 2022, bringing his base salary to $1,062,950. His total compensation for the year was $8.2 million, down from nearly $9.3 million in 2021.

For 2022, executives' annual bonuses were based on the company's performance on quality, adjusted pretax earnings, revenue and adjusted free cash flow. Their payout is based on a formula that includes their base salary, and multipliers including target opportunity, a business performance factor, and an individual performance factor.

In the wake of the disappointing 2022 earnings report, the company cut annual bonuses for top executives as an accountability measure by reducing to 90% the business performance factor that goes into determining payouts. For 2022, the company exceeded its targets and the business performance factor was set at 148%; most salaried employees' bonus payouts were calculated using that multiplier.

Farley, Bill Ford Jr. and Galhotra's individual performance factors were set at 90% last year. Field was rewarded for his individual performance with that multiplier being set at 110%, to reflect the progress he's led on Ford's EV and software business. In terms of total compensation for the year, Field brought in $15 million, up from $10.9 million last year, his first full year with the company.

Rival General Motors Co. has not yet released its executive compensation numbers for 2022; its proxy statement will be filed at the end of April. In 2021, GM CEO Mary Barra was the highest-paid Detroit auto executive.

Stellantis NV CEO Carlos Tavares' package that included direct compensation, incentives and other benefits last year, his second year leading the maker of Jeep SUVs, Ram pickup trucks and other vehicles, was $24.8 million.

Ford will host its annual meeting virtually at 8:30 a.m. May 11.

jgrzelewski@detroitnews.com

Twitter: @JGrzelewski