Axle CEO awarded $8.5-million bonus

[Bozita]

Source: Detroit Free Press

Axle CEO awarded $8.5-million bonus
BY JEWEL GOPWANI • FREE PRESS BUSINESS WRITER • JUNE 28, 2008

American Axle & Manufacturing Chief Executive Officer Dick Dauch was paid an $8.5-million bonus, more than doubling his 2006 bonus, as a reward for Dauch's role in securing a concessionary contract with the UAW.

The bonus, which the board postponed during the UAW's three-month strike against the company, comes as American Axle is shedding about 2,000 hourly jobs and considers layoffs in its salaried workforce.

Bonuses for four other executives, including American Axle Chief Financial Officer Michael Simonte and Chief Operating Officer David Dauch -- both deeply involved in the negotiations -- were also boosted by as much as half.

The board's compensation committee cited the executives' "accomplishments and commitment during a period of significant change in our industry" and its desire to motivate the leaders, the company said in a filing with the Securities and Exchange Commission on Friday evening.

Read more: http://www.freep.com/apps/pbcs.dll/article?AID=/20080628/BUSINESS01/806280304/1002/BUSINESS

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Have I told you lately how much I hate these people?

[Botany]

1. and then they will ship the jobs to mexico and close the American Plants

8.5 Million $s to ruin people's lives. They cut @ least $80,000,000 in payroll
so it is bonus time

[bicentennial_baby]

7. Yep, moving over 50% of production to Mexico

[pattmarty]

2. What the fuck is this?? The more money you lose, the bigger your bonus???

[OhioChick]

3. Yeah...

Isn't it a bunch of BS?

[undeterred]

4. I would be worried for my safety if I was this guy.

How long will working people put up with being treated like crap?

[snappyturtle]

5. This CEO and others like him think they're really "earning" it! The

workers are peons. I watched a program (below) a couple evenings ago about the ultra rich....multi-billionaires for the most part and had my eyes opened. I felt like a nothing when I got done watching it. Never in my wildest dreams did I realize there are so many powerful and wealthy people in our country. Many had made their fortunes in hedge funds. They own multiple homes and yachts, etc.


I just checked the schedule and this is going to be re-aired on: Untold Wealth:Super Rich
Sunday, June 29th at 9:00PM CST CNBC channel 208 on DISH
Thursday, July 3rd at 6:00PM CST CNBC

[Thothmes]

10. Its not that they view workers as peons,

they would not give them that status. Labor is an expense. In the modern business world, expenses must be cut to the bare bones. Workers are no more than red ink in an accounting column. They are not people, they are not human, they are costs. Nothing more, to be controlled by what ever means.

[customerserviceguy]

6. In the last year

the stock has gone from above $30 a share, to below $10. He's also fucking the shareholders as well. Fuck the workers, fuck the shareholders, and fuck the customers. That's what I call a trifuckta.

[1776Forever]

8. Sick 3rd World tactics! Someday they will wake up to this........

When their house of cards falls down on them because there was nothing to hold them up!

[Sarah Ibarruri]

9. Definition of capitalism.....

"Capitalism is the extraordinary belief that the nastiest of men, for the nastiest of reasons, will somehow work for the benefit of us all." - John Maynard Keynes

[pa28]

11. If I were an AXL shareholder I'd be upset.

Stock has lost 70% of it's value in the past year and instead of firing the CEO they give an 8.5 million bonus to "motivate". Well, that'll teach him.

[Psephos]

12. What a mofo. That said, anyone criticizing him here better be driving something made by the UAW.

Hypocrisy is how the common man can be just as big a tool as Dick Dauch.