CEO Enjoys $100-Million Security Blanket in Merger with Linde
Teamsters confronted Praxair’s CEO at a shareholder meeting in Danbury, Conn., about the company’s planned merger with German-based Linde and what it means for U.S. workers. Teamsters represent tankhaul drivers for both companies across the United States.
While Praxair’s CEO, Stephen Angel, will serve as the CEO of the combined company and likely get a raise over the $45 million he has taken home in the last three years, he’s taken care of even if he loses his job. If things don’t work out in his new role, Angel has a $48 million golden parachute and a $55 million pension. Many other top executives at the company have similar compensation packages.
At the meeting, which was held at Praxair’s headquarters, the Teamsters questioned CEO Angel about why Linde fought for job security for workers in Germany with the transaction while Praxair did not.
“Does that mean all the cost savings will come off the backs of U.S. workers?” asked Michael Pryce-Jones, an analyst with the Teamsters Capital Strategies Department.
The Teamsters also asked Angel why he has a $100-million safety net when those he employs have no such protection. Angel said he intends to stay—it must be nice to have a $100 million dollar security blanket just in case.
Praxair members in Morrisville, Pa. and Wilmington, Del., represented by Local 107, continue to fight for affordable health care, job security and a strong contract. Their contract expires Sept. 30.
The Teamsters Capital Strategies and Strategic Research and Campaigns Departments worked with New England’s Joint Council 10, and Locals 191, 443, 671 and 667 on this shareholder action.
“The Teamsters Union and the Tankhaul Division are monitoring this transaction closely and are united in our fight for good jobs,” said Keith Gleason, Director of the Tankhaul Division.