Teamsters know firsthand what happens to workers when a CEO is allowed to loot his company: The workers get less when the CEO gets more.
At last an explanation for how McKesson's CEO John Hammergren can rake in $51.7 million and pay workers so little they can't afford health care and pension contributions.
He just doesn't care.
A recent New York Times op-ed, Rich People Just Care Less, describes how people with greater power ignore people with less power:
John Hammergren might think he's worth the $51.7 million he takes home from McKesson, the health care company he heads. After all, he puts up with a lot of stress.
He'd be wrong.
Keith Payne in Scientific American recently described the kind of stress CEOs like Hammergren put up with:
You know something's out of whack when McKesson CEO John Hammergren rakes in $51.7 million even though the company has paid nearly a $1 billion to settle Medicaid and other fraud claims on his watch. While he’s entitled to a $159 million pension, other McKesson workers can’t even afford to participate in their 401 (k) or buy into the company’s healthcare plan.
John Hammergren makes so much money that his company, McKesson, pays him an extra $17,000 for a financial planner to count it all.
McKesson workers don't earn enough to afford health care.
A union investment group affiliated with the Teamsters says the $159 million pension given to McKesson’s CEO is cause for the compensation committee chairman to resign.
Teamsters Strike at Pennsylvania Convention Center Philadelphia Inquirer ...Trade union members went on strike Thursday at the Pennsylvania Convention Center in a dispute over proposed changes in work rules...
Teamsters Protest McKesson's Worker Abuse And Executive Pay At Shareholder Meeting IBT ...Teamsters from across the country protested today outside the annual shareholder meeting of San Francisco-based McKesson Corporation, North America’s leading pharmaceutical distributor...