https://www.freep.com/story/money/cars/ford/2020/03/26/ford-executive-pay-job-cuts-hackett/2915125001/
7 replies (most recent on top)
Rivian was a bad investment, get that money back!!!
GM employees have to take a 20% paycut for 6 months but will be paid back with interest in Oct. Ford is in peril.
Yet we are still wasting money on pet projects like the train station and remodeling buildings with steel case furniture.
Hackett is ever fiddling while Rome burns.
Isn't salary less than 10% of they're annual compensation. Looks like another redirect story away from the real cuts to the livelihoods of people who still make less than 50-70% of our executive salary.
Anyone who has been paying attention and learned Hackett-speak realizes employees were just told that salary and job cuts are coming.
Next you will hear the following
- 401k match eliminated
- retirement contributions eliminated
- they will ask for volunteers to take a three month sabbatical.
- they will be 20% salary reduction across the board. Maybe repaid once 7 billion debt repaid
Then there will be an announcement of job cuts
Very sad as this lay-off employees will not have easy time to find another position.
Another shell game. They know congress and president will not give them a dime of money unless they cut the c-suite compensation. So hey let us pretend like we cut c-suite salary and as soon as the c-suite gets the govt handout they will line their own pockets first.
Surely this time around congress and president will be wise enough not to allow the c-suite to socialize the cost of their incompetence and greed to the taxpayers.
Ford execs choose to "defer" a portion of their compensation for 6 months, while leaders and directors in other industries are foregoing compensation completely until their companies are back on firm footing. Hackett and Farley have both sold millions in Ford stock in recent months - what do they know?