AOC Accuses Ford CEO Of Jacking Up Chief Exec. Pay To 'Ludicrous Levels' While 'Starving The Workers'

Rep. Alexandria Ocasio-Cortez (D-NY) has criticized Ford Motor Co. F CEO Jim Farley for significantly increasing chief executive compensation while asserting that the company has not adequately addressed worker concerns amid the ongoing United Auto Workers, or UAW, union strike.

What Happened: On Friday, AOC took to Twitter, rebranded as X, and shared a clip of the Ford CEO appearing on CNBC. 

Farley defended the company’s stance, saying, “If we signed up for UAW’s requests, instead of making money and distributing $75,000 in profit sharing in the last 10 years, we’d have lost $15 billion and gone bankrupt by now. The average pay would be nearly $300,000 fully fringed for four-day workweek per employee.”

See Also: AOC Urges US To Apologize For Past Interventions In Latin America: ‘Hard To Move Forward When There Is A Huge Elephant In The Room’

AOC took issue with this, emphasizing the need to prioritize workers’ well-being. 

She posted, “Correct: there’s no way you can continue wasting hundreds of millions of dollars on stock buybacks to manipulate prices, jack up CEO pay to ludicrous levels, all while starving the workers who actually make the product you sell.”

The UAW’s demands include up to 40% increase in general pay over four years, end to varying tiers of wages, a shorter workweek with full pay, and restoration of traditional defined-benefit pensions. 

The union also seeks representation for workers at electric vehicle battery factories. While the automakers have made offers, the UAW regards them as insufficient. 

General Motors Co. GM and Ford have both proposed a 20% boost in pay, while Stellantis NV STLA (formerly Fiat Chrysler) made a 17.5% offer before making another, reported AP News. 

However, UAW president Shawn Fain has dismissed these proposals as inadequate.

Why It’s Important: AOC previously criticized Jim Cramer for suggesting that Detroit’s Big Three automakers temporarily move production to Mexico amid the ongoing strike. 

Meanwhile, UAW has announced that it will resume negotiations on Saturday.

Read Next: AOC Calls Out Elon Musk After Billionaire Flirted With Parody Account: ‘Be Careful Of What You See’

Photo by James Andrews1 on Shutterstock

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Posted In: NewsTechAlexandria Ocasio-CortezAOCelectric vehiclesEVsFordGeneral MotorsJim FarleymobilityShawn FainStellantis NVUAWUnited Auto WorkersJim Cramer
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