Move to Ford meant big payday for Jim Farley
Jim Farley’s high-profile move to Ford bumped up his bank account.
If the car business were baseball, Jim Farley would be a prime bonus baby.
When Ford recruited the marketing whiz from Toyota in 2007, it paid him a hefty signing bonus, according to a 10-K document Ford filed last week with the Securities and Exchange Commission.
According to the document, Ford lured Farley, now 50, to Detroit by offering him a $700,000 base salary and a $1.5 million signing bonus -- plus an additional $4.2 million to make up for what he would have earned by staying at Toyota.
Ford's pursuit of Farley in 2007 was a signal that CEO Alan Mulally, who had arrived at Ford the year before, was serious about changing the culture in Dearborn. Farley, then a 17-year Toyota veteran, came to Ford with a sterling resume. He had been group vice president of marketing at Toyota, general manager of Lexus Division and spearheaded the launch of the Scion brand.
Farley has won a string of promotions since arriving at Ford. He is now executive vice president of global marketing, sales and service and recently was named to head the Lincoln brand, which is in the middle of a reinvention.