Ford Motor Co. Executive Chairman Bill Ford called on autoworkers to come together to end a monthlong strike that he says could cost the company the ability to invest in the future.

In a rare speech during contract talks in the company’s hometown of Dearborn, Michigan, Ford said high labor costs could limit spending to develop new vehicles and invest in factories. “It’s the absolute lifeblood of our company. And if we lose it, we will lose to the competition. America loses. Many jobs will be lost,” said the great grandson of company founder Henry Ford.

The company, he said, builds more vehicles in America and has more United Auto Workers employees than any company, which has increased its costs in a highly competitive industry.

Ford has 57,000 UAW workers compared with 46,000 at GM and 43,000 at Stellantis. “Many of our competitors moved jobs to Mexico as we added jobs here in the U.S.,” Ford said.

  • @BottleOfAlkahest
    link
    501 year ago

    Realistically executive salaries probably won’t cover a salary increase across the workforce foe the whole country. Not doing a stock buy back just might though.

    • @Kbobabob
      link
      141 year ago

      Oh, i really hope someone does the math on this one.

      • @Dippy
        link
        311 year ago

        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.

        • @ThatWeirdGuy1001
          link
          191 year ago

          That’s just the CEO though. What about everyone else near that level?

        • SeaJ
          link
          fedilink
          131 year ago

          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.

          • @Wrench
            link
            121 year ago

            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.

        • @BottleOfAlkahest
          link
          41 year ago

          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.

    • @[email protected]
      link
      fedilink
      51 year ago

      The issue is the massive delta they’ve created. If it was 2to1 it wouldn’t be such a sticking point.