Union workers ratified the contract, but the fallout continues:
American Axle & Manufacturing Holdings Inc shares surged 10 percent on Wednesday after analysts said the parts supplier plans to eliminate about 670 salaried jobs on top of factory job cuts now underway.There was one person who came out smelling like a rose. [my emphasis]
Analysts at Lehman Brothers and JPMorgan said in research notes that hourly headcount cuts will be accompanied shortly by white-collar cuts at a three-to-one ratio, citing a meeting with American Axle's executives late on Tuesday.
American Axle and Manufacturing Holdings Inc. Chairman and CEO Richard Dauch has been awarded an $8.5 million bonus in part for leading the auto parts supplier through a bitter strike.And the rich get richer...
The bonus revealed Friday in a filing with the Securities and Exchange Commission is in addition to his earlier reported 2007 compensation valued at $5.55 million.
(Cross-posted at BFM)