The UAW has touted the line that CEO pay has risen by 40% over the past four years so employees should get the same. But here's how much the CEO's of Detroit's Big Three make and how much it's gone up over the past four years.
Fain’s focus on CEO pay is part of a growing trend of emboldened labor unions citing the wealth gap between workers and the top bosses to bolster demand for better pay and working conditions. In June, Netflix shareholders rejected executive pay packages in a nonbinding vote, just days after the Writers Guild of America wrote letters urging investors to vote against the pay proposals, saying it would be inappropriate amid Hollywood’s ongoing strike by writers.
Executive pay is notoriously complicated to calculate because so much of it comes in the form of stock grants or stock options. A detailed look at the compensation packages at all three companies shows how the UAW’s claim both overstates and understates reality, depending on the view.Barra, the only one of the three who held the role since 2019, is the highest paid, with a compensation package of worth $28.98 million in 2022. The single biggest component was $14.
In its annual remuneration report, Stellantis reported CEO Carlos Tavares’ 2022 pay was 23.46 million Euros That’s a nearly 77% increase over then Fiat Chrysler CEO Mike Manley’s 2019 pay of 13.28 million Euros .Those are the numbers used by the UAW when it calculated that three automakers have, collectively, increased CEO pay by 40.1% since 2019, according to the methodology the union provided to The AP.
That’s because in some years, talking about a CEO’s "realized pay" can obscure exorbitant pay packages approved by company boards.
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