Ford Motor Co. Executive Chairman Bill Ford called on autoworkers to come together to end a monthlong strike that he says could cost the company the ability to invest in the future.
In a rare speech during contract talks in the company’s hometown of Dearborn, Michigan, Ford said high labor costs could limit spending to develop new vehicles and invest in factories. “It’s the absolute lifeblood of our company. And if we lose it, we will lose to the competition. America loses. Many jobs will be lost,” said the great grandson of company founder Henry Ford.
The company, he said, builds more vehicles in America and has more United Auto Workers employees than any company, which has increased its costs in a highly competitive industry.
Ford has 57,000 UAW workers compared with 46,000 at GM and 43,000 at Stellantis. “Many of our competitors moved jobs to Mexico as we added jobs here in the U.S.,” Ford said.
His salary in 2022 was 17.3 million and that’s down from 18.7 million in 2021. They could have paid 200 employees 85k a year instead of one pointless executive. So maybe the executives are the reason for the company going under.
https://www.detroitnews.com/story/business/autos/ford/2023/03/31/heres-how-much-ford-ceo-jim-farley-made-last-year/70067820007/#:~:text=Bill Ford Jr.'s total,%2421.5 million in direct compensation.
That’s just salary.
His other compensations, benefits, and free services like company jets and private dining, provide a very significant increase of their own.
C-level compensation is never merely in pay, there’s a whole incredibly expensive ecosystem to support as well.
And, in addition to his surprising decision to pay himself more than his predecessor, he was a major stock holder before he took over the position, so he’s getting dividends and stockholder equity as well.
Heyyyy, wait a minute.
Didn’t he decide to do a stock buyback with company funds? 3.5 billion worth over the past decade? $400 million in the last year?
Weren’t those things considered the kind of market manipulation that helped cause the Great Depression?
That sounds like $3.5B of equity that could be leveraged to develop new vehicles, build new factories, and pay employees a fair wage.
Not that I’m remotely defending corporate bloat, but it is important to do the math and make sure we’re fighting the right battles. 3.5B sounds like a lot, but Ford has around 175k US employees, if you divide that 3.5B over the ten years over the 175k employees, that’s only an extra $2000/employee/yr. $2000/yr is not going to help a factory worker’s future medical debt nor allow someone to afford a house or a family that couldn’t $2k ago. One could probably even with a straight face make the argument that 3.5b in stock buybacks sets Ford up for future sustainability, and ensures they can keep the bulk of those workers in the US that probably could be exported for cheaper.
What we need back is the culture of taking care of corporations that take care of you when you retire. Pensions and stock options for regular employees.
Show me someone who wouldn’t take an additional 2K/year for the same work.
That’s not the point, the point is that 2k/yr isn’t life altering. We need to be pushing for more fundamental reforms than “stock buybacks bad”
Ford Motor net income for the twelve months ending June 30, 2023 was $4.136B
41 billion in net profit over 10 years
Dude, how are you meant to InnOvAtE with a measly 41 billion?
How does that boot tastes?
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