Freightmaster1
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ABF | ABF Agreement: Monday, May 20!
- Thread starter Freightmaster1
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Abf bought panther for $180 million last June. They have given a dividend of .12/share for the years since 2009 for which they claim a loss of $265 million. If you add the dividends and the cost of panther together, you get around ($180 + $15.378 million) equals $195 million. Now subtract that from claimed loss of $265 million, and you get a loss of only $70 million. Why are dividends and acquisitions sacrosanct and workers wages and benefits are expedible? No givebacks are in order. I say no to any wage or benefit reductions.
You nailed it!
nightrider
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its funny abf made all this money before yrc took a cut in pay and now we are losing all this money and judy mcreynolds gets a pay raise and abf can not pay their workers like ups freight we are going backwards more like non union companies i see yrc drivers their moral are down they hate working for their company i say vote no on concessions its about time all ceos take pay cut in pay
$outh$side $tre$$
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Hey nightrider our contract at ups freight is a whole pile of $hitpaper.
Nightrider, I read your post about CEO's should take a pay cut and Judy McReynolds got a pay raise. Well, I didn't remember that being the case in SEC documents that I had read, so I did a little more research. The facts are that Judy McReynolds took a 30% total compensation cut in 2012 versus 2011's total compensation. If you go to sec.gov, click on company filings and put in the ticker symbol ABFS you will get the most current SEC filings. Go to DEF14A definitive proxy statement and click on the highlighted document number and then go to page 37. There you will see the compensation for each of the top executives at ABFS. In fact, the top 4 highest paid executives combined took a 20% total compensation cut in 2012 versus 2011. In addition to that, on Friday management and non union employees had their pension program contributions eliminated as far future contributions to the plan starting in a little over a month. Over the course of each employees lifetime that equates to 100's of thousands of dollars. If the union would match those kinds of cuts this company might be able to compete with non union truckers. What amazes me is that there is not one post on these message boards since Friday afternoon recognizing those cuts and the contributions of others to make ABFS an on going concern.
Someone on this board suggests that 20 terminals will be closed across the country. I would guess that will mean layoffs, as well. Union employment has remained stable over the last 5 years even though sales and market share have decreased. It seems to me the company was reluctant to let any union labor go, otherwise they would not have waited until now to make operational cuts. It also tells me management was unable to get the necessary cost concessions in the tentative labor agreement to the degree needed to cover rising health care costs, pensions costs, fuel costs and capital equipment costs over the next 5 years. Now terminals are being closed, undoubtedly and unfortunately layoffs will follow and non union employees just lost their pension contributions. If all of these combined cuts are not enough to lower the company operating ratio from $105 (highest in the industry) to a more competitive number around $90 and maintain that number, ABFS's Board of Directors will be forced to look for "other strategic alternatives" because it is in the best interest of bondholders and stockholders who financed this company to the tune of millions of dollars..
You're company right? Remember according to my union brother's, only other's are greedy, never them.
Everyone else should take a paycut, but never them! It doesn't matter that everyone on the company side( CEO on down) took a cut in pay and benefits, you company lackys are selfish and greedy!
Truth is, right now, it's my so called union brothers that are being selfish and greedy.
The most disturbing aspect of the rumored concessions is that once begun, ABF will likely lose some of the supervisory personnel who make ABF a good employer. There are more than a few posters who cannot comprehend this reality, hundreds of ABF employees who DON'T make policy decisions OR carry a union card, will also be adversely affected.
I wish the best for everyone at ABF. But given the rhetoric here and in the industry media I am not optimistic.
canaryinthemine
Retirement....The Job I Was Born To Have!
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Well, I guess we'll see about Wednesday, when the 2-man committees in Chicago release the contract information who does, or doesn't switch to the "greedy" side. Many here think only a minor pay cut,...or a freeze will occur. What will guys think if the pay cut is more than the original 6.5% the company reputedly asked for,......and quite a few benefits and vacations are cut? In light of the minor pay raises and relatively mild benefit changes that UPSF employees are looking at in their contract proposal, I think many guys ought to stand by for a financial slap in the face. Driver pay....industry-wide,....will rise in the next few years. These contract talks are all about where the pay increases will start, and by how much. The ATA is looking 5 years into the future, and advising companies to cut or reduce as much as they can,...right now,...so that when pay starts to rise, it will rise from a lower floor than what it is now. We are doing ourselves a disfavor by accepting a 5 year agreement. 3, or ideally, 2 years may suit us financially,....the rise in driver pay,....due to the advanced average age of drivers in the LTL sector, and no apprentice program, other than refugees from the TL sector to replace us,...is inevitable. The refugees from the Truckload sector are whom the non-Union LTL employers are recruiting from, because wages and conditions stink so bad in the TL sector,...even in a bad economy,...that a slight uptick in the nation's economy will cause new-hires in the TL sector to dry up significantly.....leading to less refugees in the LTL sector. That'll mean less guys who've escaped TL work to go to a non-Union LTL company , fall on their knees and proclaim to heaven that they're happy to work with no overtime pay, no seniority, no real benefits, and pay for their own pension,...they get to sleep in their own bed at night,...and maybe they won't get divorced. When those refugees dry up, and those of us who've been in this industry as a career start demanding appropriate pay for our work, we'll see driver pay rise exponentially, companies will actively recruit their competitors' employees. We're seeing this in the Pennsylvania frack fields now. This contract proposal isn't about what ABF can afford to pay,...it's about what they can get away with paying.
D
Docker
Guest
Well…if it’s not the so called self proclaimed third generation Teamster talking about the greediness of his brothers and sisters. The average pay of the ABF Teamster in 2010 was $50,000 a year without overtime…they come demanding a 15% pay cut from the Rank and File claiming the labor costs were too high and the company is losing money…the majority of the ABF Teamsters realize just what BS this is and it is voted down…let’s look at what transpired since then:
Judy’s base salary increases since 2010…$125,000
Judy’s ‘incentive bonuses’ since 2010…$526,000
Judy’s stock awards since 2010…$900,000
Wesley B. Kemp, who retired as president and CEO of subsidiary Arkansas Best Freight at the end of 2011, was paid a salary of $412,000, up from $400,000, and had total compensation of $1.1 million.
Senior Vice President J. Lavon Morton and Roy M. Slagle, SVP of the ABF subsidiary, each received $10,000 raises, to $285,000. Morton's total compensation in 2011 was $613,156, and Slagle's was $861,435 thanks to a much larger increase in his pension value.
CFO Michael Newcity's salary for 2011 was $258,000, up from $190,083 in 2010 - but he was only promoted to the CFO job on June 1 of that year. His total compensation was $549,333.
Made an initial capital investment in Albert in 2009, and spent about $4 million to complete the purchase in 2011.
2012
• Roy M. Slagle, president and CEO of Arkansas Best subsidiary ABF Freight, earned $815,694. Slagle's total included $375,000 in base salary, $176,040 in stock awards, $220,608 in deferred payment and $44,046 in other compensation.
• J. Lavon Morton, senior vice president of tax and chief audit executive, was paid $476,752. Morton's payout for 2012 included a $294,000 base salary and $132,030 in stock awards.
• Jim A. Ingram, senior vice president of strategic development, was paid $498,130, including $294,000 in base salary. He also saw $132,030 in stock awards during his first year in that role.
• Michael E. Newcity, vice president and chief financial officer, earned $454,426. His payment included $124,695 in stock awards.
Arkansas Best buys Best Buy building fronting Interstate 540 in Fort Smith as part of a move to create more space for the company’s growing “non-asset” based business.
“Non-asset” is a fancy term for the company’s subsidiaries not related to the operation of ABF Freight System, the largest subsidiary of Fort Smith-based Arkansas Best Corp.
Had to completely renovate the building and rumored to even pave volleyball court to provide ample parking for those extra employees.
Purchased Panther for 180 million…80 million in cash and a 100 million loan.
Now…they come after even more concessions from the Rank and File…not the Rank and File demanding huge raises…mind you……they just want to keep the company from taking what all the other generations sacrificed so much for over the years and you come here and have the audacity to call your brothers and sisters greedy!!!!! Tell me…was your dad and grandfather also greedy?
Plus...I want you to back up that statement of yours and just show me where the CEO on down took a cut in pay and benefits?
What's up? No action at your failed forum?
As far as my grand father and dad. They were different companies in different times under different financial circumstances.
That's why pencils have erasers!
D
Docker
Guest
LOL...You mean the forum you ran away from...the one that you were too scared to post the kind of BS you are over here? Now...Like I said...back up that statement of yours claiming that the CEO on down took pay and benefit cuts!!!!!
Ran away from? You thru me into jail over there. No need to post there anymore. What you uo to, 7 members?
This guy did a good job showing the proof you want.
D
Docker
Guest
LOL...get the facts straight...shall we...you didn't have the courage over there to even try and state your anti union crap...so we are here now...where you feel safe...that the Mods may bail you out when you get in over your head...but I don't care,,,I want you to back up that statement you made about the CEO on down took pay and benefit cuts!!!!!