March 17, 2009: United Parcel Service Inc. boosted Chairman and CEO Scott Davis’ total compensation by 115 percent in 2008. This is the same year that UPS Teamsters got a 35 cent raise.
In all, Davis made a whopping $5.6 million last year, including $3.2 million in stock awards. Davis’s salary was hiked to $1 million, including a $40,000 bonus.
Chief Operating Officer David Abnet also got a healthy pay hike in 2008. His total compensation rose 27 percent to $1.9 million.
All these figures come from the company’s own records—a proxy statement filed by UPS with the Securities and Exchange Commission.
UPS Gets Lean & Mean in 2009—At Least With Us
UPS announced that it is freezing management salaries in 2009 and suspending its 401K match. But don’t feel bad for Brown’s CEO. With his pay more than doubling in one year from $2.6 million to $5.6 million, Davis should probably be able to scrape by.
Working Teamsters in the meantime are taking it on the chin.
Feeder, package car drivers, and even part-timers are being laid off. Thousands of full-time combo positions are being eliminated in violation of the contract.
Stronger Contract Enforcement Needed
The massive pay hikes show that UPS top brass look out for their interests. Our union needs to do a better job of protecting members’ interests.
More aggressive enforcement of our contract—especially excessive overtime, supervisors working and Article 22.3 (full-time combo job preservation) would put laid off Teamsters back to work.
UPS made $5 billion in operating profit last year and $3 billion in profit after taxes. If the company can find the money to massively increase executive pay, they can find the money to respect our contract and keep members working.
If you agree, join Teamsters for a Democratic Union. TDU and Make UPS Deliver are the number one source of independent information for UPS Teamsters. We work together to enforce our contract and rebuild our union’s power at UPS.
Click here to Join TDU. That’s forty bucks well spent. Membership includes a subscription to our newspaper Convoy Dispatch.
Click here to read the Atlanta Business Chronicle: UPS Chairman’s Total Comp More Than Doubles.
What’s Happening in Your Local?
Are sups working and drivers being forced to work more than 9.5 in your area while other Teamsters are laid off? Click here and fill us in on what’s happening.