Douglas Oberhelman earned $16.9 million in 2011, a figure that includes salary, bonuses, stock and option awards and retirement plan contributions. Oberhelman’s pay increase, which was tied to the company’s performance, included a $4.9 million cash payment, an 81 percent increase from his 2010 cash award. His base salary increased to $1.4 million from $1.1 million in 2010.
For the second quarter, Caterpillar reported a profit of $1.67 billion, or $2.54 per share, compared with $1.02 billion, or $1.52 per share, a year earlier.
Despite earning a record $4.9 billion profit last year and projecting even better results for 2012, the company is insisting on a six-year wage freeze and a pension freeze for most of the 780 production workers at its factory here [Joliet, Illinois]. Caterpillar says it needs to keep its labor costs down to ensure its future competitiveness.
I guess the people who actually make the products weren’t really part of the company’s success.
Workers who had been striking at a Caterpillar hydraulic parts factory in Joliet, Ill., voted on Friday to ratify a proposed six-year contract that contained almost all of the concessions the company had demanded.