12:49 PM, Mar 15, 2019 — Ford’s (F) chief executive received a total compensation of approximately $17.8 million in 2018 despite the company posting a decline in net income the same year, according to a Securities and Exchanges Commission (SEC) filing.
The company reported in its SEC filing that total compensation for James Hackett, who was appointed to his role as CEO of the company in May 2017, was $17.8 million in 2018. In 2017, he made $16.7 million.
Based on this information, it said that the ratio of the annual total compensation of Hackett to the median of the annual total compensation of all employees is 276 to 1. In a letter to shareholders that was published as part of the filing, Ford Chairman William Clay Ford said that the company had taken “aggressive steps to improve the efficiency and focus” of its traditional automotive business in 2018.
“While 2018 was challenging, we still achieved our ninth consecutive year of solid earnings and positive operating-related cash flow,” he said. “These profits enabled us to distribute $3.1 billion to our shareholders last year, and $18.4 billion since 2012.”
In January, the company published results for the full year, which showed that company revenue increased from the prior year, while net income and company adjusted earnings before interest and tax were both lower.
Revenue rose to $160.34 billion from $156.78 billion a year earlier and net income was $3.70 billion compared to $7.76 billion a year earlier.
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