GM, Ford, and Stellantis CEOs made a lot more money in 2022 than the chiefs of their foreign rivals.
As the United Auto Workers strike against the Detroit-Three automakers drags on, President Shawn Fain has decried high CEO pay. Whether it gets him anywhere in contract negotiations remains to be seen.
To be sure, the CEOs are well paid. GM’s Mary Barra earned about $29 million in 2022, according to Bloomberg which looks at annual executive compensation disclosures that investors can look up with the Securities and Exchange Commission. That’s fair, but stock-based performance compensation is still compensation. Tesla CEO Elon Musk officially earned $0 in 2022. Still, he’s the richest man in the world because he took, essentially, all of his pay in stock and because he built Tesla into a global EV powerhouse.
On average the U.S. car CEOs make about four times what the foreign CEOs made in 2022. This is just a point in time, but it paints a picture. The picture isn’t skewed by accounting. Accounting expert Robert Willens tells Barron’s that international accounting and U.S. accounting rules are close enough to compare disclosers.There can be many reasons postulated for that. There are more large capitalization growth companies in the U.S. compared with the rest of the world. That’s one justification.
Their feelings are easy to understand, but how they should impact labor negotiations is hard to figure out. If Barra, Farley, and Tavares gave back $50 million a year for all employees, not only the unionized ones, it would amount to about $80 a year for everyone else. Barely a nice steak dinner for two.
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