Ford revealed on Friday that it paid its top five executives over $60 million in 2007, and that kind of compensation is not sitting well with the United Auto Workers. UAW President Ron Gettelfinger responded to Ford’s announcement on Friday by calling the pay awarded to top executives “excessive and unjustified.”
During the most recent round of contract negotiations, the UAW gave Ford several concessions with the hopes of turning the North American automaker around. Not surprisingly, the UAW is upset that Ford spent some of its labor savings on compensating executives rather than re-investing in its North American operations.
“Our members at Ford agreed to substantial sacrifices in 2007 to help Ford survive, so the company can rebuild and reinvest in the United States,” Gettelfinger said in a statement released on Friday. “We did not sacrifice so that management could find a way to reward themselves with higher compensation.”
This situation looks like it could get messy and we’re sure this isn’t the last we’ll hear from Mr. Gettelfinger on the subject.
