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SOURCE: TEAMSTER.ORG | (GREENWICH, Conn.) – XPO Logistics, Inc. board members faced a growing tide of discontent at their annual shareholder meeting today led by the company’s own workers, the Teamsters and European union leaders who called out the global logistics giant for its excessive executive pay practices.
Much of the ire was directed at Bradley Jacobs, XPO’s chief executive officer, who was in attendance at the meeting held at the company’s headquarters here. Jacobs was on the receiving end of a recent $20 million “mega-grant,” a pay giveaway that caused leading independent proxy advisor Institutional Shareholders Services (ISS) to recently issue its opposition to XPO’s advisory vote on executive pay, the so-called “Say-on-Pay” vote, that was voted on today.
“It is time for XPO CEO Bradley Jacobs to explain to company workers why he is entitled to a huge payout while he cuts the health care and retirement benefits of workers who are making this company so successful,” said Monica Abraham, a quality control inspector for XPO in North Haven, Conn. who spoke at the shareholder meeting. “Workers shouldn’t be punished while Jacobs gets rich off our backs!”
ISS also previously recommended investors support a Teamsters-sponsored shareholder resolution calling for enhanced disclosure of XPO’s human capital management performance, among other sustainability practices. Voting results on both items were not immediately made available.
Teamsters General Secretary-Treasurer Ken Hall said both proposals should be of interest to investors. “Shareholders have good reason to be concerned when it comes to excessive CEO pay and XPO’s corporate practices,” he said. “Its corporate practices are not in their best interests.”
Meanwhile, European workers for the company said the fight against corporate greed and for fairness on the job is not only necessary for American workers. XPO is increasing engaging in anti-union worker behavior in Europe as well.
“It is ridiculous that Bradley Jacobs refuses to answer to his own employees about his company’s corporate practices that imperil their livelihoods,” said Sam McIntosh, a lead organizer with the International Transport Workers Federation. “European XPO workers stand in solidarity with their American compatriots because they too know the effects of the company’s increasingly shady business practices.”
U.S. workers have asked to meet with Jacobs on several occasions, to no avail. XPO is one of the world’s largest global third-party logistics companies, providing transportation and logistical services to 63 percent of Fortune 100 companies.
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.