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this post was submitted on 16 Oct 2023
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Oh, i really hope someone does the math on this one.
Take 100mil off his comp for employees, divide by their 57,000 UAWs listed above, divide by 52 (weeks), then 40 (hrs). Gets you an 0.84$ per hour per employee.
In reality, based on latest filing, CEO’s comp for 2022 was 21 mil so 0.16$ raise per employee if you didn’t pay the ceo.
Ford did 484mil $ in buy backs in 2022. Would give each 4$/hr raise
Seen this a few times. Rarely does the ceo taking less really make much of a dent for people living paycheck to paycheck. Yea 16 cents is better than nothing but also not what these people need.
That's just the CEO though. What about everyone else near that level?
I would say all of the execs need lower pay. That would give them $52 million which works out to an extra $0.42/hr or about $900 per year. That is a perfectly fine addition to the $4/hr from stock buybacks.
Stock buy backs were a single transaction, not a recurring annual transaction, so not apples to apples on wage.
What they should have done is grant those stocks to their employees. Or their pension fund, whatever mechanism is most fair.
To your point, it spreads thinly over a large work force. But sharing profits is the "right" thing to do.
A lot of that CEO comp is also not in the form of cash, it's in the form of things like stocks. So a lack of stock buy backs would automatically lower CEO/exec comp as well. That lowered Exec pay wouldn't go directly to the employees (since it can't be double counted) but if one of the goals is closing the delta as some have mentioned then no buy backs helps with both.