UAW Official Hopes Ford Will Share Profits Amid Executive Stock Offerings

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]