Axle CEO gets bonus of $8.5 million
WASHINGTON — American Axle & Manufacturing Holdings Chief Executive Officer Richard Dauch received an $8.5 million bonus in addition to his $1.5 million salary, according to a filing with the U. S. Securities and Exchange Commission.
Including stock awards and other compensation, Dauch received $18.7 million in 2007, according to the SEC document.
The bonus was a reward for the May 23 contract reached at the end of the three-month strike by the United Auto Workers at the largest axle supplier of General Motors Corp.
Following approval of the contract, the company closed its idled plant on East Delavan Avenue in Buffalo and its forge in the Town of Tonawanda. A machining plant in Cheektowaga remains open.
The new contract cut wages for current workers and cut wages even more for new hires.
Companywide, about 1,600 employees have taken buyouts or early retirement, according to United Auto Workers Local 235 President Bill Alford Jr. The company estimated 2,000 of 3,650 union workers will leave.
In also giving bonuses to Chief Financial Officer Michael Simonte and Chief Operating Officer David Dauch, the board’s compensation committee cited the executives’ “accomplishments and commitment during a period of significant change in our industry,” the filing said.
