Axle wants to cut workers’ wages from $28 per hour to $14 per hour CEO got $9.3 million in 06

[Omaha Steve]

http://futureoftheunion.com/?p=6957

American Axle’s CEO Takes A Direct Approach

March 16, 2008

American Axle’s CEO Takes A Direct Approach
by Matt Glynn/The Buffalo News

Chairman and CEO Richard E. Dauch was the driving force behind the 1994 formation of American Axle, which he treats like his baby. More Photos

Striking workers at American Axle & Manufacturing often refer to their employer as “he.”

And there is no doubt who “he” is: Richard E. “Dick” Dauch, the blunt-spoken chairman, chief executive officer and co-founder of the auto parts supplier.

For many United Auto Workers members at American Axle, Dauch (pronounced “dowk”) personifies the company, with good reason.

snip: According to the UAW, the company wants to cut workers’ wages from $28 per hour to $14 per hour.

Automotive News reported that from 2003 to 2006, Dauch received combined compensation valued at $58 million. Business Week estimated his 2006 compensation at $9.3 million, including salary, stock options and other factors.

FULL story at link.

[LordJFT]

1. haha when I saw that I thought you were talking about Axelrod

[POAS]

2. For the 3650 workers his compensation

of 58 million works out to roughly 7.64 per hour per employee. I guess if he gets his way then next year he could double his own compensation!

[mac2]

3. Let him do the work to make up the loss of their wages....

For the CEO to prosper and get a huge wage is just plain robbery. When I was young they put company presidents who stole from their workers and shareholder in jail.

Also not allowed were monopolies which is what we have today with huge international coporations....corptocray and oligarchies rule. That's nothing new but allowing them "unfettered power" is.

http://corpwatch.org/article.php?list=class&class=21

[EmperorHasNoClothes]

4. If he succeeds in this "cost cutting", he's just get an even bigger bonus

Executive compensation is completely disconnected from the real health of the company. Screw the workers, and you get a huge bonus this quarter (no matter what happens to the company a year from now).

[Double T]

5. Executive compensation needs to be drastically capped..........

and CEO Richard E. Dauch is the problem that needs to be eliminated.