Jim Farley Wiki, Bio, Family, Positions, Salary, Net Worth & More

Jim Farley is a well-known American business executive, currently serving as the CEO of Ford and a board member of Harley-Davidson. His passion for automobiles was inspired by his grandfather, who started working at Henry Ford’s River Rouge Plant in 1918.

Born in Buenos Aires, Argentina, his family moved to Greenwich, Connecticut. He completed his education at Georgetown University and the University of California, Los Angeles. Before joining Ford in 2007, Farley was the group vice president and general manager of Lexus. He was responsible for all sales, marketing, and customer satisfaction activities for Toyota’s luxury auto brand.

In 2020, Farley succeeded Jim Hackett as Ford’s CEO. His journey from his early years in Argentina to becoming the CEO of Ford is truly inspiring. His leadership continues to steer Ford towards its ambitious plans for the future.

You will be shocked to know the salary of Ford’s CEO. Read this detailed biography to discover some interesting facts about Jim Farley’s personal and professional life. 

Quick Facts About Jim Farley

Jim Farley’s Early Life and Education

Jim Farley, full name James Duncan Farley Jr., was born on June 10, 1962. His father was a banker in Buenos Aires, Argentina. He spent his early days in Buenos Aires before moving to Greenwich, Connecticut, with his family. He attended Portsmouth Abbey School in Rhode Island.

After finishing high school, he enrolled at Georgetown University and then the University of California, Los Angeles. Jim Farley’s extended family includes his cousins Chris Farley, Kevin Farley, and John Farley, who are popular entertainers. 

Jim Farley’s Career Growth and Timeline

Jim started his career as a group vice president and general manager of Lexus, a luxury auto brand from Toyota. He was responsible for all marketing, sales, and customer satisfaction activities. In November 2007, he joined Ford and was appointed company’s president from May 2019 to February 2020. He even served as Ford Europe’s chairman and CEO from 2015 to 2017. 

On August 4, 2020, Farley was announced as the next CEO to replace Jim Hackett. It was also announced that Hackett would serve as a special advisor. In July 2021, Jim Farley was inducted to the Harley Davidson’s board of members. 

Jim Farley’s Wife and Kids

Jim Farley is married to Lia Farley. She is a passionate musician, playing guitar and singing in the United Kingdom-based band Winding Road. Jim Farley often shares his wife’s music videos on social media, expressing his pride in her talent.

Lia Farley’s music often carries messages of hope and resilience. For instance, their cover of The Beatles’ “Here Comes the Sun” reminded us of brighter days ahead during the challenging times of the COVID-19 pandemic. The Farleys are also proud parents of three children.

Jim Farley’s Salary in 2024

Jim Farley’s total compensation in 2023 was $26.5 million, marking a 26% increase from the previous year. This substantial figure includes a base salary of $1.7 million, stock awards amounting to $20.3 million, non-equity incentives of $2.4 million, and other compensation totaling $2 million. 

Despite missing targets for electric vehicle sales and connected services revenue growth, Farley earned 84% of his potential annual bonuses. 

Jim Farley’s Net Worth in 2024

As of 2024, it is estimated that Jim Farley’s net worth is approximately $55.8 million. This projection is based on the steady growth of Ford’s performance and Farley’s continued success as CEO.

In 2023, Farley received a total compensation of $26.5 million, which included his salary, stock awards, and other benefits. His salary has remained consistent at $1.7 million since 2021.

Farley’s passion for cars is well-known. He owns a collection of vintage cars, including a 1966 Ford GT and a 1978 Lola T298. He even mortgaged his house to buy a barn-find Shelby Cobra for $100,000, which is now worth seven figures.

Jim Farley’s Social Media Profiles

Jim Farley actively interacts with his followers on Instagram, Twitter, and LinkedIn. However, he isn’t available on Facebook. Here’s a detailed and direct link to Jim Farley’s official social media accounts:

Surprising Facts About Jim Farley

• Jim Farley has a long history in the automotive industry. He worked for Toyota Motor Corp from 1990 to 2007 before joining Ford.
• Farley’s grandfather, Emmett Tracy, was an early employee of Ford founder Henry Ford and helped build the Ford Model T vehicles.
• Farley is not just a car industry executive; he’s also a car guy who enjoys working on classic cars and has dabbled in track racing.
• Jim Farley is a cousin to the late comedian Chris Farley, who starred in several movies and was a cast member on “Saturday Night Live.”
• While running the Ford Europe regional unit, the segment had its highest profitability at the time in 2016 with Farley focusing on higher-margin vehicles and items.
• Born to a banker father, Jim Farley got under the hood of a car at the tender age of 14.
• His first car was a $500 1966 Mustang with a bad engine, which he bought himself.
• Farley even raced a 1965 Ford GT40 at Le Mans.
• On Oct. 1, 2020, Jim Farley became the 11th CEO in the history of Ford Motor Company.
• Wall Street analysts expect Farley, who’s known as an intense “car guy,” to speed up the automaker’s transformation efforts.

FAQs

How Much Does Jim Farley Make?

Jim Farley, the CEO of Ford, had a total compensation of $26 million in 2023, which included a base salary of $1.7 million, $20 million in stock awards, $2.4 million in incentives, and $2 million in other types of income.

Is CEO Jim Farley Related to Chris Farley?

Yes, Jim Farley, the CEO of Ford, is indeed related to the late comedian Chris Farley. They are cousins.

What is the Net Worth of the CEO of Ford?

The net worth of Jim Farley is estimated to be around $55.8 million. However, his total compensation for 2023 was reported to be $26 million.

How did Jim Farley Become CEO of Ford?

Jim Farley joined Ford in 2007 and held various executive roles. He was the Chief Operating Officer before succeeding Jim Hackett as the CEO of Ford on October 1, 2020.

Who was the CEO before Jim Farley?

The CEO of Ford before Jim Farley was Jim Hackett.