Toronto, Ontario – Multi-million-dollar compensation to two Ford executives is “obscene,” according to Ken Lewenza, president of the Canadian Auto Workers Union (CAW), especially when the company is closing an Ontario plant and many workers are on layoff.
Ford Motor Company CEO Alan Mulally received US$56.5 million in stock, while executive chairman Bill Ford received $42.4 million in shares for the automaker’s turnaround, the CAW reported.
“It is obscene for any individual executive to take home many tens of millions of dollars in personal compensation as a result of the performance of an entire large corporation,” Lewenza said. “It is this kind of individualistic greed and excess that contributed to the recent bubble collapse in the U.S. and the resulting global recession. Have we learned nothing from that experience?”
Lewenza said that the packages are “particularly offensive” given the fact that the company will close a facility in St. Thomas, Ontario, which built the Lincoln Town Car, and already has approximately 1,300 workers on layoff in Canada.