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According this article at bnet.com, the Dr. Pepper Snapple group made a record $555 million dollars in profit. So how does CEO Larry Young of DPS reward the workers who made that possible?
He's decided to cut the pay at Snapple's Mott's plant by $1.50 an hour, which is almost 8% of the $19/hour many plant workers make.
CEO Young, on the other hand, "received a combined salary and stock awards of over $6.5 million a year. He also receives a free automobile for both business and personal use, an annual allowance for financial planning and tax preparation, and the right to 'travel by corporate jet (chartered or company-owned) for all business and personal air travel.' As an extra perk, the company even pays Young an extra $150,000 “to cover the taxes accruing to Mr. Young as a result of this benefit.”
Gee, for CEO Young, an 8% pay cut would be $520,000. But he's not planning a pay cut for himself.
The workers at the Mott's plant have gone on strike. I can hardly blame them...
He's decided to cut the pay at Snapple's Mott's plant by $1.50 an hour, which is almost 8% of the $19/hour many plant workers make.
CEO Young, on the other hand, "received a combined salary and stock awards of over $6.5 million a year. He also receives a free automobile for both business and personal use, an annual allowance for financial planning and tax preparation, and the right to 'travel by corporate jet (chartered or company-owned) for all business and personal air travel.' As an extra perk, the company even pays Young an extra $150,000 “to cover the taxes accruing to Mr. Young as a result of this benefit.”
Gee, for CEO Young, an 8% pay cut would be $520,000. But he's not planning a pay cut for himself.
The workers at the Mott's plant have gone on strike. I can hardly blame them...