On Tuesday, in a rare move for S&P 500 companies, GE shareholders rejected a $47 million bonus package for CEO Larry Culp. The action came after IUE-CWA members drew attention to the bonus last week at an online webinar co-hosted with Change to Win Investment Group and staged protests urging the "no" vote. On the morning of the shareholders vote, union activists held signs outside GE headquarters in Boston that read, "No reward for outsourcing U.S. jobs."
While Culp was recently recognized by the New York Times as the sixth highest paid U.S. CEO, workers at GE facilities across the country have faced layoffs and offshoring. Union members and community activists in Lynn, Mass., have been waging a campaign to fight GE's recent announcements to farm out more of their military jet engine work to Romania, as well as other off-shoring announcements at IUE-CWA union facilities.
"No one is more committed to the success of General Electric than GE workers. We will be as productive and efficient as possible, but we need a commitment from GE to invest in the U.S. industrial base," said IUE-CWA Local 81201 President Adam Kaszynski.
On the day of the shareholders' vote, union activists held signs outside GE headquarters in Boston that read, "No reward for outsourcing U.S. jobs."