Hyperdrive
Carmakers Say They Can't Afford UAW Demands, While Paying CEOs $1 Billion
- GM, Ford, Stellantis chiefs earned 10-figure total since 2010
- Union aims to reverse decades of decline for US auto workers
A picket line outside the Ford Motor Co. Chicago Assembly Plant in Chicago, Illinois, US, on Sept. 30.
Photographer: Taylor Glascock/BloombergThis article is for subscribers only.
The United Auto Workers’ historic standoff with Detroit’s three carmaking giants is centered on an age-old tension: The union says corporate greed is keeping workers from earning fair wages, while Ford Motor Co., General Motors Co. and Stellantis NV say they can’t afford union demands.
While both arguments have some merit, one fact stands out: The 10 individuals who’ve served as chief executive officers of the companies since 2010 have collected more than $1 billion of compensation. Meanwhile, wages of US auto workers — unionized or not — have declined around 17% in that time frame.