DETROIT — Ford Motor Co. COO Jim Farley spent the equivalent of almost his entire 2019 salary to purchase $1 million of stock in a show of confidence in the automaker’s recovery prospects.
Farley, 57, earned $1.1 million in salary as part of a compensation package that totaled $8.36 million last year when he was president of Ford’s new business, technology and strategy. He was promoted to COO on March 1 in a management shakeup that included the abrupt departure of his chief rival, Joe Hinrichs.
Farley purchased 194,950 shares at an average price of $5.13 on April 30, according to regulatory filing Monday. The transaction increased his direct share ownership by 31 percent to 828,922. The stock is down 47 percent this year.
The carmaker has made clear that Farley is heir apparent to CEO Jim Hackett, 65, who has struggled to institute a sweeping $11 billion reorganization. Before the coronavirus closed Ford’s factories, Farley pledged to accelerate a turnaround at a company…