<<The pay disparity is not as bad here in the auto industry as Jeye may suggest...>>
A new GM worker starts at $14.
DETROIT – New General Motors Co. CEO Daniel Akerson will get the same $9 million pay package as the man he replaced, Ed Whitacre.
Akerson, a former telecommunications industry and private equity executive, will receive $1.7 million in annual salary, $5.3 million in short-term stock payable over the next three years, and another $2 million in stock that's part of the company's long-term executive compensation plan.
The automaker, which is 60.8 percent owned by the U.S. government, disclosed the pay package in a filing on Friday with the Securities and Exchange Commission. It is identical to what the company disclosed for Whitacre in February.
<the outline does stem from the HPQ Ceo post of Jeye>
I know BUT Jeye is on this board often and pleads the labor case often. Maybe he could go on the HP message board to try and get sympathy on behalf of the low level workers at HP for the CEO there.
The pay disparity is not as bad here in the auto industry as Jeye may suggest...
And look at all the businesses that Failed
CEOs & Executive Compensation
Considering just the period from 1989 to the present yields an obscene result. The median executive salary (cash pay and bonuses) of American CEOs rose by 79% from 1989 to 2000�and has continued to accelerate right through the current Bush II recession! And that's only the median. The average CEO cash and direct compensation growth is even higher than 79%.
But wait! That's only CEO wage or 'cash' compensation. How about management incentives, stock options exercised, the value of new stock grants, special supplemental pensions, etc. etc. The growth of this 'direct compensation' of CEOs from 1989 to 2000 was no less than 342%!. 212% of that growth occurred in the 'boom years' of the late 1990s.
Put in real money terms, the median pay for an American CEO was $2,436,000 in 1989 and $10,775,000 by 2000.
The growth in CEO compensation has been unstoppable, and is accelerating faster every year. In 1965, CEO pay was 26 times that of their average worker. In 1980, as noted, 40 times. In 1989, it was 72 times. In 1999 it had risen to 310 times, and today, as per the above data from the accounting firm, Towers Perrin, survey it has reached 500 times.
The international comparisons are also interesting to note. Whereas the American worker today earns only about a third more than the average wage of the worker in 13 other industrialized countries, for those same countries the American CEO earns 300%, or three times, as much as his CEO counterpart. No average CEO compensation in any of the other 13 countries is equal to even half that of the typical American CEO's. For example, the ratio of CEO to average worker's pay ranges from a low of around 10 to 1 for Japan and Switzerland to a high of around 25 to 1 in the UK and Canada.
As one source has put it, "in 2000 a CEO earned more in one workday (there are 260 in a year) than what the average worker earned in 52 weeks. In 1965, by contrast, it took a CEO two weeks to earn a worker's annual pay".
Says who? An "average" UAW dude might pull in $50K. You think the CEOs are making $20M?
So, pray tell, please share...
Do I think that SOME CEOs in America are making WAAAAYYY too much? - yup. But, constrain YOUR data/reply to the automotive industry please.
<<<"It's STUPID to think there won't be a BIG difference in compensation between CEOs/Executives and the general laborers.">>>
Are you for real?
Do you think these people are gods?
Werll seeing how you rlive in Canada, it is not your money. Arlthough I am no fan of the union, you seem to have some jearlousy torwards anyone better off than yourserlf. It is obvious since your idearl vacation is driving a cracker box Honda Civic to Myrtrle Beach, SC.
Gee as much as you are posting raterly, seem to me that you are overpaid warlly.
Hewlett-Packard Co.'s new CEO Leo Apotheker will have a base pay of $1.2 million and incentive pay that could be as much as five times that amount, as well as a $4 million signing bonus and $4.6 million for relocating to the U.S., according to a regulatory filing on Friday.
He will get an annual incentive of about 38,000 shares of HP stock (NYSE: HPQ), worth about $1.6 million based on Thursday's closing price, on Oct. 31 this year and another of 38,000 shares a year later.
His long-term incentives include another 76,000 shares of restricted stock — half to be granted on Oct. 31 — and another 608,000 shares of performance-based
Read more: HP's new CEO gets $9.8M up front, plus stock - The Business Review (Albany)
What is wrong with that? If he makes the company money and keeps the shareholders happy, then by all means, he deserves it.
This era of entitlement is stupid. He makes this much, he only makes that much...well, I make a lot more than you do but I worked my but off AND I risked ALL of my savings to get to where I am at today. Therefore, my I should not make a lot more than my employees? Get real.
So, he is worth it and he is just one guy with a lot of responsibility.
Are you implying that because the CEO makes a lot of money
uneducated union members are worth the same.
That is just an irrational justification for ridiculous
I think your problem with the management salaries is your
resentment of successful people. You free you are somehow
entitled to vary high wages with doing anything to justify
Am I Right?
Bottom line is if the UAW reduced it's wage rate they will
lower the price of theirs cars and sell more of them.
The car companies would need to hire more UAW workers.
But the union membership is too greedy to allow that.
They want as much as they can get and couldn't care less
about anyone else. So if they are offered a wage cut to
expand a plant and rehire more worker, F that idea buddy.
It's the union brotherhood thing.
First it's not "our" money, it's the governments money.
They took it from us and they will waste it on themselves.
Keep that fact straight in your mind.
Anyway, there are 2080 work hours in an average year and
a UAW worker makes 29 dollars an hour, so if you are an
uneducated UAW slug and hates your employer you will receive (not earn)
60,320 dollars a year plus 43.5 dollars for every hour of OT you
Fresh grad Engineers are making 40 to 50,000 after working four plus
years in school and spending a small fortune on tuition.
I believe the free market system will fix this but at
the cost of everyone in this county.