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Ford Motor Company is one of the largest and most iconic automakers in the world, with a history that spans over a century. The company has been led by various CEOs over the years, each with their own vision and strategy for the future of Ford. The current CEO of Ford is Jim Farley, who took over the reins in October 2020. But who is Jim Farley, and how much does he earn as the head of Ford? In this article, we will explore his salary, net worth, career, education, and personal life, as well as some of the challenges and opportunities he faces in 2023.
Jim Farley’s Salary and Net Worth in 2023
As the CEO of Ford, Jim Farley is responsible for overseeing the global operations and growth of the company, as well as leading its transformation into a more agile and innovative organization. He is also a board member of Ford and a member of the U.S. China Business Council Board of Directors.
According to the documents filed by Ford to the U.S. Securities and Exchange Commission (SEC) Jim Farley received a total compensation of $22.81 million in 2021. This amount included:
- $1.7 million in salary
- $16 million in stock awards
- $3.7 million in incentive plan compensation
- $1.4 million in other payments
The other payments consisted of $830,305 for personal use of aircraft, $400,000 for retirement benefits, $100,000 for charitable contributions, and $70,000 for financial planning services.
Jim Farley’s salary and net worth in 2023 are expected to increase from his 2021 figures, as he continues to lead Ford through its ambitious plans to invest in electric vehicles (EVs), autonomous vehicles (AVs), and digital services. As of 2023, Jim Farley’s net worth is estimated to be anywhere between $75 million and $100 million.
Jim Farley’s Career and Education
Jim Farley has a long and distinguished career in the automotive industry, spanning over three decades. He started his career at Toyota in 1990, where he held various product and marketing positions in the U.S. and Europe. He rose through the ranks to become the group vice president and general manager of Lexus, Toyota’s luxury brand, in 2005.
In 2007, Jim Farley joined Ford as the group vice president of global marketing and sales. He was instrumental in launching several successful products and campaigns for Ford, such as the Fiesta, the Fusion Hybrid, the F-150 Raptor, and the “Built Ford Tough” slogan.
In 2015, Jim Farley was appointed as the executive vice president and president of Ford Europe, Middle East and Africa. He led the turnaround of Ford’s operations in these regions, improving profitability and market share.
In 2017, Jim Farley became the executive vice president and president of global markets for Ford. He oversaw Ford’s business units around the world, as well as its corporate strategy, research and development, partnerships, data analytics, and mobility divisions.
In 2020, Jim Farley was promoted to chief operating officer (COO) of Ford. He was responsible for all of Ford’s automotive operations and growth initiatives globally.
In October 2020, Jim Farley succeeded Jim Hackett as the CEO of Ford. He became the 11th CEO in Ford’s history. His main goals are to achieve a 10% profit margin in North America, increase Ford’s market share in China and Europe, accelerate the development and launch of EVs and AVs, enhance customer loyalty and satisfaction, and improve Ford’s financial performance.
Jim Farley holds a bachelor’s degree in economics and computer science from Georgetown University and a master’s degree in business administration from UCLA. He is also an avid car enthusiast and collector. He owns several vintage cars, such as a 1966 Ford GT40 Mk II, a 1965 Shelby Cobra, and a 1955 Porsche Speedster.
Jim Farley’s Personal Life
Jim Farley was born on May 25th, 1962 in Argentina. His father was an executive at Bank of America who moved around the world with his family. Jim Farley grew up in various countries, such as Brazil, Venezuela, Belgium, Iran, Greece, Lebanon, England, and Switzerland. He learned to speak several languages fluently.
Jim Farley is married to Lia Farley, who is an interior designer. They have three children: Nicky (born in 1994), Alex (born in 1996), and Jack (born in 1999). They live in Ann Arbor, Michigan.
Jim Farley is also a philanthropist who supports various causes and organizations. He is a board member of the Henry Ford Health System, a nonprofit health care organization based in Detroit. He also serves on the board of trustees of the Cranbrook Educational Community, a private school and cultural center in Bloomfield Hills, Michigan. He has donated to several charities, such as the United Way, the American Cancer Society, and the Boys and Girls Clubs of America.
Conclusion
Jim Farley is the CEO of Ford Motor Company, one of the most influential and innovative automakers in the world. He has a net worth of around $75 million to $100 million in 2023, and he earns a salary of over $22 million per year. He has a rich and diverse career and education background, as well as a passion for cars and philanthropy. He faces many challenges and opportunities in 2023, as he leads Ford through its transformation into a more agile and customer-centric organization.
Most Asked Questions and Answers
Q: When did Jim Farley become the CEO of Ford?
A: Jim Farley became the CEO of Ford on October 1st, 2020.
Q: How much does Jim Farley earn as the CEO of Ford?
A: Jim Farley earned a total compensation of $22.81 million in 2021. His salary and net worth in 2023 are expected to increase from his 2021 figures.
Q: What are Jim Farley’s main goals as the CEO of Ford?
A: Jim Farley’s main goals are to achieve a 10% profit margin in North America, increase Ford’s market share in China and Europe, accelerate the development and launch of EVs and AVs, enhance customer loyalty and satisfaction, and improve Ford’s financial performance.
Q: Where did Jim Farley study and work before joining Ford?
A: Jim Farley studied at Georgetown University and UCLA. He worked at Toyota for 17 years, where he became the group vice president and general manager of Lexus.
Q: What are some of the cars that Jim Farley owns or collects?
A: Jim Farley owns or collects several vintage cars, such as a 1966 Ford GT40 Mk II, a 1965 Shelby Cobra, and a 1955 Porsche Speedster.
Q: Where was Jim Farley born and raised?
A: Jim Farley was born in Argentina and raised in various countries around the world, such as Brazil, Venezuela, Belgium, Iran, Greece, Lebanon, England, and Switzerland.
Q: Who is Jim Farley’s wife and how many children do they have?
A: Jim Farley’s wife is Lia Farley, who is an interior designer. They have three children: Nicky, Alex, and Jack.
Q: What are some of the causes and organizations that Jim Farley supports or serves on?
A: Jim Farley supports or serves on various causes and organizations, such as the Henry Ford Health System, the Cranbrook Educational Community, the United Way, the American Cancer Society, and the Boys and Girls Clubs of America.
Q: What are some of the challenges that Jim Farley faces as the CEO of Ford in 2023?
A: Some of the challenges that Jim Farley faces are:
- Competing with rivals such as General Motors, Toyota, Volkswagen, Tesla, and others in the global automotive market
- Dealing with supply chain disruptions caused by chip shortages, COVID-19 variants, natural disasters, trade wars, etc.
- Managing regulatory compliance and environmental sustainability issues related to emissions standards, safety regulations, labor laws, etc.
- Adapting to changing customer preferences and expectations for mobility solutions
- Innovating new products and services that leverage digital technologies such as artificial intelligence (AI), cloud computing, internet of things (IoT), etc.
Q: What are some of the opportunities that Jim Farley has as the CEO of Ford in 2023?
A: Some of the opportunities that Jim Farley has are:
- Expanding Ford’s presence and market share in emerging markets such as China, India, Southeast Asia, Africa, etc.
- Leveraging Ford’s strong brand equity and loyal customer base to create more value-added offerings
- Capitalizing on Ford’s leadership position in segments such as trucks, SUVs, commercial vehicles, etc.
- Developing new revenue streams from services such as subscription models, connected vehicles, fleet management, etc.
- Collaborating with partners such as Google, Amazon, Rivian, Lyft, etc. to enhance Ford’s capabilities and reach