Actually, one Navistar executve got a platinum parachute last year. According to the Teamsters press release, Navistar paid CEO Daniel Ustian $24.2 million to leave. Can you say "excessive?"
My boss, Jim Hoffa, said "Navistar is a company with red flags when it comes to pay." Hoffa said the Securities and Exchange Commission's ruling was important because it interpreted the new financial reform law properly. He pointed out that,
“Congress made clear that the Dodd-Frank Act must not limit shareholders’ right to make proposals on executive compensation, and the SEC’s decision yesterday upholds that mandate. Allowing Navistar to misrepresent the new financial reform requirements could have set a dangerous precedent, robbing investors of their right to demand a voice on compensation windfalls for departing executives.”
Read the whole thing here.
