IAM 751 Strikes Back
The Story So Far
Seattle, WA - During these past few years, CEO David Calhoun (ret.) attempted to rebuild the fallen Boeing Empire to be bigger, better, and badder after Muilenburg (ret.) was cast down amidst the 737 MAX 8 crashes. In the throes of Covid-19 and the fallout of incompetence, Calhoun heroicly steered the company ship straight back into dangerous waters.
Attempting to "inculcate" priorities on safety and quality with empty words and phrases, Calhoun failed to actively provide resources and direction for mechanics and engineers. Foisting grand ideas of crushing bureaucracy.
Following the long-predicted eventuality of the Portland plug door incident, Calhoun stepped down, making way for the latest retired CEO, Kelly Ortberg.
Stan "The Real" Deal was also replaced by Stephanie Pope as head of BCA.
Commercial Compensation
Following the immediate "success" of the Boeing Company these past few years, Stephanie Pope and Kelly Ortberg sought to cement trust and goodwill with mechanics and engineers by offering a pitiable contract to IAM 751. While the contract does offer a GWI of 25% for the next four years, this would still fall short of the deserved industry compensation, especially come four years time. The contract also includes lower healthcare costs, increased contributions to retirement via a new employee retirement savings plan, strengthened overtime rules, amongst other points that workers at Boeing have long been clamoring for (IAM 751 Contract Summary). However, these are the types of things that should have been in the contract 16 years ago, and have always been available to executives.
And it's good to know that executives have already recieved just rewards for their hard work in this aforementioned era. Dave Calhoun was awarded by Boeing shareholders $33 million dollars (a 45% raise), comprised of his $1 million dollar salary and the rest as stock (CNN). Kelly Ortberg is set with an annual base salary of $1.5 million dollars, he will recieve a $1.25 million cash payment at the end of the year and $16 million in other compensations (CNBC). It's good to know that Ortberg is willing to recieve only a modest salary.
Due to these hard times at Boeing; mechanics, engineers, and non-union should step up together to help build back a better Boeing. It wouldn't look good in the court of public opinion if mechanics and friends were agitating for comparable pay to industry standard. Or if they were looking for better healthcare coverage for their families. At the end of the day, that doesn't help move stock price up. $NYSE: BA - 156.77, down 37% YTD. Remember to check stock price daily at any nearby tv / monitor in your work area.
Return to the Contract
Hopefully following the devastating 95% rejection of the contract, Boeing negotiators can find something (I guess other than what IAM 751 is asking for) to appease the unruly mob. Of course, Boeing doesn't have much time left, especially in its current debt-ridden form. The current strike is projected to cost Boeing $100 million dollars per day. Taking note from history, past and present, it may be better to hire a dedicated anti-strike team of Pinkertons.