The day after reporting the results, Farley told employees that he would cut the percentage used to set bonuses for executives including himself.
“Our 2022 financial results were solid by historical standards but did not meet our high expectations,” Executive Chair Bill Ford said in a letter to shareholders that was part of the proxy. “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.”
Bill Ford earned $17.3 million in 2022, down from $18.6 million in 2021.
CFO John Lawler made $8.9 million last year, down from $9.4 million, and Kumar Galhotra, president of Ford Blue, made $8.1 million, down from $9.2 million in 2021.
Field, hired from Apple in September 2021, received just over $15 million, up from the $10.8 million he received in 2021.