In 2024, Ford reduced the salary of its CEO Jim Farley by a small amount. To be exact, he received 190 million kroner, or six percent less than in 2023.
It was good to be a director of Ford in 2024. But it could have been more. This is shown by the car brand's own annual accounts.
Here it appears that the director has taken a 6.1 percent reduction in salary compared to 2023. Due to some rather rough words for the American automotive giant, the boss of the whole thing has to settle for 190 million kroner in compensation.
This is reported by Automotive News .
The pay cut is due to Ford not meeting expectations last year. In fact, Farley 'only' finished with 90 percent of what he had been asked for.
One thing Ford couldn't live up to in 2024 was the quality of its cars. And that directly affects the boss's salary.
With 190 million kroner in the account, Jim Farley's salary is still peanuts compared to what Stellantis paid the now fired director Carlos Tavares.
Before Carlos Tavares was fired in December last year, he earned 275 million kroner per year as the spearhead of the world's fourth largest car group.
On the other hand, there are also those top figures who have secured a hefty salary even though they don't actually work. Recently, Boosted reported that Volkswagen's fired CEO Herbert Diess earns far more than his replacement in the position. Read more about it here .
However, Stellantis, Ford and Volkswagen all have one thing in common: they are laying off and are already laying off a staggering number of employees.
Ford, for example, has chosen to close its factory in Saarlouis, Germany. And in Spain, 1,600 jobs will be cut because there is not enough activity in one of the brand's other factories.
At VW, the goal is to close three factories in Germany alone, something that has never happened in the brand's entire history.
The sister brand Audi has also chosen to withdraw from Belgium, something that has already cost more than 3,000 people their jobs despite loud protests.
