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Ford Paid $6.7 Million to Lure Marketing Exec from Toyota
Jim Farley received a $1.5 million signing bonus and $1 million of options and restricted stock when he left Toyota Motor Corp. in October 2007 to become Ford Motor Co.'s chief marketing officer.
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Jim Farley received a $1.5 million signing bonus and $1 million of options and restricted stock when he left Toyota Motor Corp. in October 2007 to become Ford Motor Co.'s chief marketing officer.
Ford also agreed to pay Farley $4.2 million over 10 years to compensate for pension benefits he lost by leaving Toyota.
Ford guaranteed that Farley would receive bonuses totaling $1.3 million for his first 14 months at the company, in addition to his $700,000 annual salary. Such bonuses are usually awarded based on the performance of the company and the executive.
Ford has not previously disclosed Farley's hiring terms or compensation. But his contracts were part of the company's annual filing with securities regulators this week.
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