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submitted 1 year ago by MicroWave@lemmy.world to c/news@lemmy.world

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.

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[-] sylver_dragon@lemmy.world 136 points 1 year ago

Ford Motor Co.'s second-quarter profit more than tripled to $1.92 billion versus a year ago (source)
Revenue rose 12% to $44.95 billion

Kinda hard to drum up sympathy for the company when it's raking in almost $2 billion in profit per quarter. Yes, Ford is burning about $1billon per quarter on EVs right now. That's not something the workers should be financing. That's money the company is investing to be viable in the future. That sucks for the shareholders; but, they are the ones who will reap any benefits of that investment and they should be the ones eating the cost.

[-] CADmonkey@lemmy.world 57 points 1 year ago

they are the ones who will reap any benefits of that investment and they should be the ones eating the cost.

They seem to have forgotten that "The investor takes the risk", sometimes its not all fst dividends.

[-] SeaJ@lemm.ee 110 points 1 year ago

Sounds like the executives should take a pay cut.

[-] BottleOfAlkahest@lemmy.world 50 points 1 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@lemmy.world 14 points 1 year ago

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

[-] Dippy@lemmy.world 31 points 1 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@lemmy.world 19 points 1 year ago

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

[-] SeaJ@lemm.ee 13 points 1 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@lemmy.world 12 points 1 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.

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[-] Bluefalcon@discuss.tchncs.de 106 points 1 year ago

His salary in 2022 was 17.3 million and that’s down from 18.7 million in 2021. They could have paid 200 employees 85k a year instead of one pointless executive. So maybe the executives are the reason for the company going under.

https://www.detroitnews.com/story/business/autos/ford/2023/03/31/heres-how-much-ford-ceo-jim-farley-made-last-year/70067820007/#:~:text=Bill%20Ford%20Jr.%27s%20total,%2421.5%20million%20in%20direct%20compensation.

[-] DragonTypeWyvern@literature.cafe 83 points 1 year ago* (last edited 1 year ago)

That's just salary.

His other compensations, benefits, and free services like company jets and private dining, provide a very significant increase of their own.

C-level compensation is never merely in pay, there's a whole incredibly expensive ecosystem to support as well.

And, in addition to his surprising decision to pay himself more than his predecessor, he was a major stock holder before he took over the position, so he's getting dividends and stockholder equity as well.

Heyyyy, wait a minute.

Didn't he decide to do a stock buyback with company funds? 3.5 billion worth over the past decade? $400 million in the last year?

Weren't those things considered the kind of market manipulation that helped cause the Great Depression?

[-] Pulptastic@midwest.social 28 points 1 year ago

That sounds like $3.5B of equity that could be leveraged to develop new vehicles, build new factories, and pay employees a fair wage.

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[-] Starkstruck@lemmy.world 68 points 1 year ago

Y'know, he could always just AGREE TO THEIR TERMS! The company being at stake is the entire point of unionizing.

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[-] forrgott@lemm.ee 58 points 1 year ago

"This strike is preventing my company from having a future"

Umm. Yes. Yes it is. That's the entire point you complete idiot.

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[-] Veedem@lemmy.world 57 points 1 year ago

Ford spent almost $500 million on stock buybacks in 2022. GM spent around $3 billion. Maybe priorities needs to be adjusted.

[-] Rooskie91@discuss.online 57 points 1 year ago

Isn't it he who has the power to end the strike?

[-] elbarto777@lemmy.world 25 points 1 year ago

And probably the one with millions in bonuses at the end of the strike.

[-] nocturne213@lemm.ee 54 points 1 year ago

Sounds like Bill needs to pull himself up by his bootstraps.

[-] CmdrShepard@lemmy.one 21 points 1 year ago

But what about all the work his grest grandfather did to build the company? Shouldn't he be entitled to live large off that man's work by virtue of his birthright?

So what if these workers who actually build the product that Ford sells can't afford food or shelter. This man struggled to be born into the correct family, and he's entitled to his fortune!

[-] FartsWithAnAccent@lemmy.world 51 points 1 year ago

Boo hoo rich guy, take care of your fucking employees

[-] dingleberry@discuss.tchncs.de 18 points 1 year ago

Old codger born with a silver spoon asks blue collars to make sacrifices yet again.

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[-] mlg@lemmy.world 49 points 1 year ago

Lmao, talk to any former ford employee and they'll probably show the middle finger to the entire board if they could.

They run the layoff cycle literally every other year to cut costs whenever sales even hint at slowing down, all while paying CEOs massive money.

"Yeah we moved to mexico less than our competitors so that makes us better"

[-] spudwart@spudwart.com 49 points 1 year ago

The workers:

[-] argo_yamato@lemm.ee 48 points 1 year ago* (last edited 1 year ago)

Oh boohoo Bill.

But he also said Ford is paying CEO Jim Farley $21 million per year when starting pay for Ford factory workers is up only about $3 per hour from when he started with the company 31 years ago.

Ford’s offer of a 23% general wage increase barely covers inflation over the last three or four years, said Applebee, 59.

[-] Transcendant@lemmy.world 28 points 1 year ago

That is fucking insane. $3 per hour wage increase in 31 years?!

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[-] AkaBobHoward@lemmy.world 42 points 1 year ago

Sounds to me like he has plenty of power to end the strike, he can see the concrete requirements from the workers. Grant them, in full, strike ends, company safe. Sounds simple Mr. 21 Million plus perks.

[-] Furedadmins@lemmy.world 38 points 1 year ago

Ford does not give a shit if an employee dies. Sucks doesn't it?

[-] GentlemanLoser@ttrpg.network 30 points 1 year ago

They don't care if their customers, die either. Pretty sure they got caught doing a cost benefit analysis on fixing defective Pintos vs paying the wrongful death suits and deciding it was cheaper to let people keep dying.

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[-] norske@lemmynsfw.com 34 points 1 year ago

Any business that can’t afford to pay its workers a living wage shouldn’t remain in business.

[-] teamevil@lemmy.world 34 points 1 year ago* (last edited 1 year ago)

Well then Ford make a decision. Do you want a company or not, because you can absolutely remain profitable whilst paying your employees properly. Without employees to do the labor to make the products you sell you have nothing, so it seems like the best course of action would be to make sure the folks ensuring your business has product to sell should be properly motivated to continue to want to provide their time and labor. Their time is the same as the Csuite's time, you cannot get it back, so they deserve to get paid properly.

[-] roboticide@lemmy.world 33 points 1 year ago

Ford C-suite took home $71 million in 2021 (most recent year I could find data). They could give each worker a $1000+ bonus and still walk away with $10 million. Not that $1000 is enough for each worker, but just to illustrate that there is a ton of money floating around, they just don't want the workers to have it. It's not future investment they're worried about (they get massive tax breaks for all these new facilities, and new car designs are all being done by salaried white collar engineers anyway), it's shareholder profits. Ford doesn't want to lower their reported annual profits by increasing their worker costs.

Fuck shareholders, and fuck the C-suite for looking out for their interests instead of their workers. They don't actually produce anything. The workers are the real company asset here, not some Wall Street goon who bought stock.

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[-] malloc@lemmy.world 29 points 1 year ago

Ford should just get rid of their C-level executive team.

[-] oakey66@lemmy.world 27 points 1 year ago

Maybe you should make your workers whole then. Sounds like that’s a you problem not a union problem.

[-] Hildegarde@lemmy.world 25 points 1 year ago

Then agree to every single one of their demands.

Saving companies from a striking workforce is incredibly easy.

[-] Riyria@sopuli.xyz 23 points 1 year ago

Oh no! The grandson of one of Hitler’s largest US supporters might lose money. How awful. So sad. Fuck Ford.

Ford, GM, and Stellantis are lucky they even exist. The government should have let them collapse and did in 2008.

[-] teamevil@lemmy.world 11 points 1 year ago

So I remember listening to those hearings on C-Span radio back in the day. Ford was asked if they were asking for handouts in China and Mexico and the response was literally, "No, we are profitable in those countries." Which I thought was pretty shitty to expect the government to bail out a company that had profitable divisions.

But also Ford was the only company that mortgaged their brand and logo on proper loans instead of from a bailout from the government, which forced Ford to make sure they fixed their business plan in the US which they did for a while.

[-] pedro@lemm.ee 11 points 1 year ago

Judging someone by what their great grandfather did or who he supported is so reductive it makes your point worthless.

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[-] crystalmerchant@lemmy.world 18 points 1 year ago

Oh yeah well that's fine with me

[-] AllonzeeLV@lemmy.world 17 points 1 year ago* (last edited 1 year ago)

Decent ownership would sacrifice most of of their profits to see the company through difficult periods, as was done prior to the Jack Welch/Ronald Reagan corporate culture sociopathification half a century ago when the oligarchs decided to abandon any mutual respect for their workers and exploit everything away from their labor force, after sabotaging labor power legislatively of course.

That doesn't happen anymore though. Bill Ford will never encounter a moment of concern about how he'll afford groceries or a mortgage, regardless of the outcome of this strike. Fuck these capitalist manipulators, and fuck this country for bowing to the desires of the haves while ignoring the needs of the have nots.

Why should the laborers, America's paycheck to paycheck losers, care about the future of this exploitative country's ability to remain as it is, systematically fucking them over? Why would they want their children to be subject to this rigged system as it currently is?

If the laborers weren't propagandized from birth by the capitalists to believe this rigged economy to be the only way, they'd be actively burning this crooked place down to the ground.

[-] ElBarto@sh.itjust.works 16 points 1 year ago

Translation: stahhp being mean you're hurting my innocent bank account!

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[-] FlyingSquid@lemmy.world 16 points 1 year ago

That's the whole fucking point, you idiot.

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[-] Taco2112@lemmy.world 16 points 1 year ago

Oh wait, you’re serious? Let me laugh even harder

[-] zcd@lemmy.ca 13 points 1 year ago

Have you… Considered compensating your workers fairly?

[-] carl_dungeon@lemmy.world 13 points 1 year ago

I bet plantation owners made similar speeches.

[-] Sanctus@lemmy.world 11 points 1 year ago

Good, keep it at stake.

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this post was submitted on 16 Oct 2023
341 points (97.5% liked)

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