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Friday, December 2, 2016

Teamsters to Head Off Potential XPO CEO Pay Bonanza

https://teamster.org/news/2016/12/teamsters-head-potential-xpo-ceo-pay-bonanza

Potential $110 Million Windfall for CEO Sparks Investor Call for Vote Against Incentive Plan at Special Meeting


(WASHINGTON) – Today, in a letter to XPO Logistics’ [NYSE: XPO] Board of Directors, the International Brotherhood of Teamsters raised objections to the company’s proposed 2016 Omnibus Incentive Compensation Plan (the Plan) that could provide a windfall stock award for CEO Bradley Jacobs worth $110 million at current stock price levels.
At a special meeting on December 20, 2016, XPO shareholders will vote on the proposed plan which reserves 3.4 million new shares and increases the individual annual equity award limit from 500,000 shares to 2.5 million.
Absent an amendment to the Plan that would set a moderate and reasonable individual award limit, the Teamsters will vote against the Plan and recommend fellow shareholders do the same.
In the letter to XPO Lead Independent Director Michael Jesselson, Teamsters General Secretary-Treasurer Ken Hall notes that the Plan as proposed could allow the board to award Jacobs compensation that is 160 times his base salary and five times the target value of the equity award he was granted under his new employment agreement, which is designed to cover the four-year term of the new contract.
Hall also questions the efficacy of the plan design to incentivize management. In the letter Hall states, “We believe the board would have ample room to incentivize and retain executives with a lower limit, particularly considering the new plan also doubles the maximum, annual cash award payable to any individual to $10 million. Moreover, with CEO Jacobs already holding 15 percent of common shares, it is not clear to us that large equity awards are required to retain and incentivize his services.”
“Under no conceivable scenario is a payout of 2.5 million shares to CEO Jacobs, the company’s largest shareholder, justifiable,” Hall said. “The board has lost sight of one of its prime responsibilities—establishing sound executive pay practices that incentivize performance and protect the interests of shareholders.”
Founded in 1903, the International Brotherhood of Teamsters represents 1.4 million hardworking men and women throughout the United States, Canada and Puerto Rico. Visit www.teamster.org for more information. Follow us on Twitter @teamsters and “like” us on Facebook at www.facebook.com/teamsters.

Wednesday, November 23, 2016

Teamsters bringing jobs back


It won't be politicians bringing jobs back from overseas. It's  working people organizing unions at our workplace and fighting back against the corporate greed that sends decent, good paying jobs overseas. Just to get their millions in bonuses and golden parachutes when they retire or when they bankrupt a company. Unless we organize, corporate crooks will continue to get away with the looting of America. They have bought politicians to weaken or pass laws that will allow them to go around labor laws. They hire labor consultants, better known as union busters, to lie or misinform employees about unions. Their main goal is to divide us while making us believe we don't need union representaion. They tell you to pull yourself up by your bootstraps. They've been successful for almost 40 years by using the divide and conquer mentality. It's our time to stand together and fight back. This is a good example of how unions fight and stand up for working class America.

MOU Cases 06-15-C16; 06-15-W5; 06-15-W9. These cases involve YRC’s office clerical operations and a challenge raised by various Locals to the offshoring of certain billing work to India and the Philippines. According to the Company, Teamster represented employees have historically performed less than 50% of the work in question. Several years ago, the Company closed all of its non-union clerical operations in the U.S. Much of that non-union work was sent overseas. The Company claims that it is not in violation of the MOU because the Union today represents a much higher percentage of the work in question than it ever had previously. Nevertheless, as a result of discussions resulting from the deadlocked case, the Company is now increasing the number of red-circle office positions in Local 63 and the employees will have access to the national queue of work. Additionally, the Company will transfer work from India and the Philippines in order to provide sufficient and appropriate work opportunities. Furthermore, the Company will meet with Locals 20 and 696 about increasing the number of full-time office positions in those Locals. The MOU Subcommittee, has therefore undeadlocked the case and re-assumed jurisdiction for further review and consideration as appropriate. 

Thursday, November 10, 2016

Another Union Victory at XPO Logistics near Philadelphia

https://teamster.org

XPO Logistics Workers Near Philadelphia Choose Teamster Representation

Drivers at XPO Logistics in suburban Philadelphia voted for Teamster representation today, propelling a nationwide campaign where XPO workers are standing together and forming their union to win fairness and respect on the job. The vote was 37 to 13.
The 52 drivers at the former Con-way Freight join workers in Miami; Laredo, Texas; Vernon, Calif.; Aurora, Ill.; and in North Haven, Conn. who have already voted for Teamster representation.
"Three victories at XPO in less than a month (Aurora, North Haven and King of Prussia) show that the workers are building momentum in their quest for fairness, strength and a real voice at one of the world's largest transportation companies," said Tyson Johnson, Director of the Teamsters Freight Division. "We will continue to stand with XPO workers across the country who demand positive change."
"Despite the company sending in its high-priced union busters, the workers stood strong, boldly and united in their fight for a better future," said Michael Bonaduce, President of Teamsters Local 384 in Norristown, Pa. "Now, the fight for a strong contract begins."
"This is a great day for us and we urge our co-workers across the country to stand bravely to win dignity, respect and fairness by banding together," said Bill Strouse, a road driver and 23-year employee. "We need to have a voice on the job so that management will listen to our concerns."Click to read more

Monday, October 24, 2016

Ryan Janato, a driver at XPO in Aurora, IL

Ryan Janato, a driver at XPO in Aurora, IL joined his co-workers on October 13 by voting to form their union as Teamsters. Janato recorded a video message for the XPO workers in the Philadelphia area, who will vote in their Teamsters election on November 10. #WeAreXPO