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Dauch To Get $8.5 Million Dollars

unit731

By unit731
in Future GM News & Rumors

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unit731 Senior Enthusiast

unit731

Posted
Posted

Robert Sherefkin

Automotive News

July 7, 2008 - 12:01 am ET

 

DETROIT — American Axle & Manufacturing Holdings Inc. wants to trim as many as 400 white-collar jobs in addition to about 2,000 blue-collar cuts, even as it expands in India.

 

Separately, the Detroit driveline supplier's board more than doubled CEO Richard E. Dauch's cash bonus for 2007.

 

The company wants 300 to 400 white-collar workers to take early retirement by August, people familiar with the plan say. If too few sign up, layoffs could follow.

 

"We are exploring those options," says spokeswoman Renee Rogers.

 

On June 27, American Axle's board approved an $8.5 million cash bonus for Dauch, more than double the $3.9 million he got a year earlier. Dauch received $9.2 million in other compensation. The company said Dauch was rewarded for obtaining a concessionary contract from the UAW.

 

A three-month strike by 3,600 American Axle workers ended when the UAW agreed to halve wages and benefits. The company expects to cut 2,000 UAW workers through buyouts, buy-downs and early retirement packages.

 

American Axle is accelerating in India. The company confirmed that it is building a second axle plant there, in Pune. The plant is expected to supply Mahindra International Ltd., owned by Mahindra & Mahindra Ltd. and International Truck and Engine Corp., says Rogers.

 

Last October, American Axle and India's Sona Koyo Steering Systems Ltd. set up AAM Sona Axle Private Ltd. to make light-vehicle axles for Tata Motors Ltd.

unit731 Senior Enthusiast

unit731

Posted
  • Author
Posted

CEO Dauch of American Axle. His pay package this year is actually $17.7 million dollars.

 

Ya, it's those greedy union workers demanding more pay. If only those greedy union workers would take a reasonable rate - the jobs would stay in North America.

 

Well, they did.

 

. . . and the jobs are off to India.

 

Wonder where the axle will be manufactured on new Chevrolet GMC trucks in the future.

  • 2 months later...
D&SYukonDenali Senior Enthusiast

D&SYukonDenali

Posted
Posted
Why not take away the 8.5 million dollar CEO bonus instead of laying people off?

 

That is 170 jobs at $50,000 a year.

 

 

Your math is inaccurate. A job that pays $50,000 per year costs a company anywhere in the range of $75,000 - $125,000 per depending on benefits and any other additional compensation. Therefore, my estimate would be about 85 jobs.

 

For those who are invested in American Axle & Manufacturing Holdings Inc. and don't like the CEO pay package, make your voices heard through the shareholders meeting, voting on the proxy, and contacting the board of directors committee for executive compensation. For those who want a voice, invest in the company or invest in companies that they supply and make your voices heard.

CapitalTruck Senior Enthusiast

CapitalTruck

Posted
Posted

All I can say, that company will be lucky if it doesn't Chapter 11. They were hurting even 3 years ago when trucks barely started to downturn. They must be totally f----- now.

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