Summary
Ford Motor Company (F) announced a significant change in its corporate governance structure with the appointment of Jon M. Huntsman, Jr. as Vice Chair, Policy, effective May 3, 2021. While Mr. Huntsman will continue to serve on the Board of Directors and the Sustainability and Innovation Committee, his new role necessitates his departure from the Compensation Committee and the Nominating and Governance Committee. He will also no longer be considered an independent director under NYSE listing standards. This strategic move suggests an increased focus on policy matters for the company. To support his new role, Mr. Huntsman will receive an annual base salary of $1,000,000 and a restricted stock unit grant valued at $3,000,000, vesting over three years. Investors should note that Mr. Huntsman recused himself from all board and committee discussions pertaining to his compensation and new role, ensuring a degree of impartiality in the decision-making process.
Key Highlights
- 1Jon M. Huntsman, Jr. appointed Vice Chair, Policy, effective May 3, 2021.
- 2Mr. Huntsman will remain on the Board of Directors and the Sustainability and Innovation Committee.
- 3Mr. Huntsman will no longer serve on the Compensation Committee or the Nominating and Governance Committee.
- 4Mr. Huntsman will no longer be classified as an independent director under NYSE listing standards.
- 5New role includes an annual base salary of $1,000,000.
- 6Grant of $3,000,000 in time-based restricted stock units vesting over three years.
- 7Mr. Huntsman recused himself from discussions related to his new role and compensation.