American Axle CEO Gets $8.5 million Bonus
Last Update: 11:48 am
DETROIT (AP) - American Axle and Manufacturing Holdings Inc. Chairman and CEO Richard Dauch has been awarded an $8.5 million bonus in part for leading the auto parts supplier through a bitter strike. The bonus revealed Friday in a filing with the Securities and Exchange Commission is in addition to his earlier reported 2007 compensation valued at $5.55 million. About 3,650 United Auto Workers union members at American Axle's five original facilities in New York and Michigan went on strike Feb. 26 for nearly three months, but later ratified a contract with deep concessions. Most of Dauch's previously reported pay was stock and options worth roughly $3.99 million on the day they were granted. He also earned $1.47 million in salary and $94,684 in other compensation.
My brother and sister (both family breadwinners) are about to lose their jobs. This literally makes me want to throw up.
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