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UAW President Bob King is angling for seats on the Big Three’s respective Boards Of Directors, and will likely use this as a negotiating point when contracts are discussed with automakers this summer.
“I believe there should be workers’ representation on all boards,” King told The Detroit Bureau, arguing that German car companies employ the same practice, although German law legally mandates worker representation on car company boards. King also argued that the UAW should be given board seats as a “general principle”.
The Voluntary Employees Beneficiary Association (VEBA), an organization responsible for UAW retiree health care benefits, currently holds seats at GM and Chrysler’s boards, and King claimed that VEBA would ultimately decide whether Chrysler can issue its IPO later this year.
[Source: The Detroit Bureau]
UAW chief Bob King slammed Ford CEO Alan Mulally’s $56.5 million stock package, claiming that “I don’t think any human being in the world deserves that much money.”
While certain to raise the ire of Ayn Rand fanatics everywhere, King is amping up the rhetoric ahead of the United Auto Workers “bargaining conference” where strategies will be outlined for the upcoming labor negotiations with Ford and other automakers. King’s rhetoric was particularly inflammatory and reflected the unions hard left leanings, with King quoted as saying “…It seems like one individual is getting all the gains instead of gains being shared by everybody.”
Ford’s stock was up 68 percent in 2009, with share prices quadrupling in 2008. Ford spokesman John Stoll told Bloomberg that Mulally’s compensation “…reflects Ford’s goal of retaining a world-class CEO.”
With Ford awarding more than $130 million in stock to its top executives, the UAW official in charge of Ford is optimistic that the company will also compensate union members who build the vehicles that Ford sells.
“I am going to look at that on the up side and say that I know that they compensated them very well at the top, so I feel that they are going to compensate us at the bottom very well,” said Jimmy Settles, in an interview with the Detroit News. The comments come as Settles, a UAW Vice-President, prepares to negotiate with the automaker, after it posted a $6.6 billion profit in 2010.
Ford handed out profit sharing checks to UAW members in February, worth an estimated $5,000 each on average. The UAW is holding a conference next month related to collective bargaining issues which settles described as a “barometer” to gauge union opinion.
[Source: Detroit News]
After 14 months on the job and one IPO, General Motors CFO Chris Liddell is stepping down, and will be replaced by treasurer Dan Ammann. Liddell was viewed as a potential successor to CEO Dan Akerson, but said he wants to move on from his CFO position, after having previously holding the title at Microsoft and International Paper Co.
GM has undergone a number of management changes recently, most notably appointing Mary Barra as the head of product development from her former post in human resources. An analyst at Morgan Stanley noted the management shift came at “…a time of heightened geopolitical and macroeconomic risk.”
[Source: Automotive News]