Ford’s New COO Gets Almost $2 Million Raise to Spur Turnaround

Ford Motor Co.’s new chief operating officer, Jim Farley, is getting a raise worth almost $2 million to help engineer a turnaround at the struggling automaker.

Farley, previously Ford’s president of new business, technology and strategy, is to receive as much as $1.98 million in extra salary, bonus and stock in his new role, the company said Tuesday in a regulatory filing. Most of the increase in his compensation plan, which will total $8.29 million, is a boost to his annual stock grant.