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- cross-posted to:
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If the management is so shook about financial stability, it’s time to act like the adults they pretend they are, and curb executive pay and buybacks:
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President and Chief Executive Officer David L. Calhoun - $32,770,519
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CEO of Commercial Airplanes, Stanley A. Deal - $12,200,851
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Chief Financial Officer Brian J. West - $11,910,638
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CEO of Global Services Stephanie F. Pope - $9,537,503
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CEO of Defense, Space & Security Theodore Colbert III - $8,963,171
In each case, easily 75% of their pay package is from stock options - their loyalty is to the line going up, not steady and organic growth by restoring a solid foundation to the company and investing in their (little) people.
Especially so in parallel with the $68 billion in stock buyback Boeing leadership has done since 2010. All done to boost stock price by reducing the float - $68 billion that wasn’t spent investing in the company’s future, safety standards, quality controls, the end product, or workforce.
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Poor wording in title. Union said, paraphrased: “non-negotiable we strike until we get a 40% pay rise” so this “offer” was never in good faith.
The aviation giant accused the union of not giving its proposals serious consideration.
The union bargaining team did give the 25% deal serious consideration, workers said no so overwhelmingly, that even 30% is not nearly good enough.
I would like to know a few useful salary ranges. 30% of what?
There is a trend of doing no increases for years and crowing about being responsible. When an increase is needed then badmouthing the large percentage increase. Responsible would have been to increase every year by at least inflation.
The timeframe is more important for these numbers. 30% over 3 years is pretty good, 30% over 6 years is just ok.
Great point.
If a business (such as this) was a poor person (in terms of debt and investments) and that person was your friend, you would have an intervention. You would be very concerned with their terrible money management. Why don’t you take care of your fuckin car Dennis?
Because it’s a business making these decisions it’s seen as risk vs reward with all the risk being on those who get the least reward. Neglect your equipment but still make earnings? Bravo. Run to fail as a business model because short term gains are literally orgasms? Bold, innovative and goal driven.
It’s a sickness and it’s going to destroy us.
“The union made non-negotiable demands far in excess of what can be accepted if we are to remain competitive as a business,”
My dude, you literally have no competition! Your management bankrupted them by doing the same shit there that you are doing here! You know, before you all managed to fail upwards.
If you manage to be insolvent while running one of the largest monopolies on the planet, you should get checked out by a doctor, because it takes more than either base grade stupid or base grade malicious to be able to do that.
Also, isn’t the whole reason Boeing is in hot water since they can’t build shit right the fact they tried to fuck over the unionized workforce by building another factory in the Deep South, but the shit that comes out of there is falling apart? Seems to me, they need the union, not the other way around.
The 737 factory is unionized, and it’s not having any fewer issues.
They’ve just acquired a terrible management culture. Even the military and space contracts have gone down the drain.
It is criminal how badly the company has been run for the last 3 decades. I can’t believe Vanguard, Black Rock and Newport (3 largest shareholders) haven’t sued the board for negligence.
I can’t believe Vanguard, Black Rock and Newport (3 largest shareholders) haven’t sued the board for negligence.
Given their track record, I would bet those investments firms were a large part of the reason employees haven’t got adequate raises in the last decade.
Well this is definitely a good time for Boeing to do a stock buyback for sure.
Strike part 2
Last month, Boeing announced what it called its “best and final” offer to workers, which proposed a 30% rise over four years - lower than the 40% being demanded by the union.
I vote the union should increase its demand to 50% now.
Go full Vader in the negotiations. Pretty hard to make airplanes without workers
The issue with that is at some point it’s quite literally cheaper to go out of business. Unlikely they’ll hit that but there is a $ that exists.
They’ll ask for (and probably get) a government bailout. So no reason not to run the ship into the ground!
Uhm.
That doesn’t seem like the right idea.
“Fine, you don’t like what we offer? Keep striking. See if we care!”
Really makes you wonder if they understand how money works
Pretty sure that short term stock prize windfalls is the only thing they know about. Absolutely positive that it’s the only thing they CARE about.
Well, they’re about to get a big stock price fall, just without the wind part.
Surely that will make them less unhappy!
“If you’re not comin to my birthday party, then I’m uninviting you!”
