【CEO Compensation and UAW Union】
The UAW had a legendary moment when Joe Hinrichs — now CEO of railroad giant CSX — worked for Ford Motor Co. and he called CEO Alan Mulally late at night to tell him that Ford could get the necessary concessions from the UAW union if Murally was willing to take a pay cut.
Murali agreed.
In the end, both Murally and executive chairman Bill Ford cut their salaries by 30 percent. But for executives, salary is a relatively small part of the pay pie.
Fein noted that UAW members must work for 355 years to earn a year's income from Stellantis CEO Tavares. He said new hires at GM's Ultium battery factory need to work for 16 years to earn Mary Barra's average weekly income.
According to Equilar, Ford Motor Company CEO Jim Farley ranks 14th with total compensation of $18.3 million in 2022, up 84% from last year.
Jim Farley's base salary of $1.7 million was unchanged, but stock awards more than tripled to $10.6 million. His earnings will need to increase by another 84% to get close to Barra's 2022 salary.
Art Wheaton, a labor expert at Cornell University, said, "People are frustrated with CEO compensation, but only in general. ”
According to Gallup, the rise of billionaire tech giants has spurred unionism in the United States, making unions more popular than they have been since 1965. Unions have organized in selected Amazon and Starbucks locations. The truck driver won a lucrative contract from UPS.
