Entries in Council on Jobs and Competitiveness (2)


Obama's 'Jobs Council' Members Collecting Top Pay -- President Obama's Council on Jobs and Competitiveness meets Tuesday in Pittsburgh, the third time the group of executives will gather.  Sure to be on the agenda will be the country's stagnant labor market, but it's doubtful the council will discuss their own executive compensation, which runs well into the millions annually for many in the group.

The last time the jobs council met was on June 13 in Durham, N.C. after which the panel presented 11 ideas to the president, including promoting small business exports, graduating 10,000 more engineers in the U.S., and building workforce skills in advanced manufacturing.

The 27 members of the jobs council include current and former CEOs, academics and industry leaders, including AFL-CIO president Richard Trumka and United Food and Commercial Workers Union president Joseph Hansen.

The purpose of the president's jobs council is "to provide non-partisan advice to the president on continuing to strengthen the nation's economy and ensure the competitiveness of the United States and on ways to create jobs, opportunity, and prosperity for the American people."

Equilar, an executive compensation data firm, provided the salaries of 12 members of the council, publicly available in their most recent proxy statements, which are usually filed before an annual shareholders' meeting.  The average compensation for 2010 of those 12 members of the council was about $11.2 million.

The totals include figures taken from the company's proxy statement under the "all other compensation" category and stock and option awards as disclosed by the company using their valuation method.

Other salaries of council members not in annual prospectus information but publicly available include that of Richard Trumka, president of AFL-CIO.  His gross salary is $264,827 and benefits and compensation is $18,513 for a total of $283,340, according to the Labor Department.  UFCW president Joseph Hansen has a gross salary of $309,283, official business of $31,641, other compensation of $11,834 for total compensation of $352,758.

Others not on Equilar's list include UBS CEO Robert Wolf and former Procter & Gamble CEO Alan G. Lafley.  As director of General Electric, Lafley earned $50,000 in fees, $176,246 in stock awards and $56,200 in all other compensation for a total of $282,446 in 2010, according to Fortune.

Here are the salaries of 12 of the 27 members of the president's jobs council with publicly available prospectus information, according to Equilar:

1. Brian L. Roberts, CEO: $28.2 million Comcast (CMCSA), internet provider and cable operator
2. Kenneth I. Chenault, CEO: $16.3 million American Express (AXP), financial services company
3. Paul S. Otellini, CEO: $15.5 million Intel (INTC), technology chip maker
4. Jeffrey R. Immelt, CEO: $15.1 million General Electric (GE), energy, technology, consumer products and financial services company
5. W. James McNerney Jr., CEO: $13.8 million Boeing (BA), defense and aerospace contractor
6. Lewis Hay, III, CEO: $11.5 million NextEra Energy (NEE), clean energy company
7. Ellen J. Kullman, CEO: $11.3 million DuPont (DD), chemical company
8. Ursula M. Burns, CEO: $10.6 million Xerox (XRX), technology and document management company
9. Roger Ferguson, Jr., CEO: $8.6 million TIAA-CREF, financial service non-profit
10. Antonio Perez, CEO: $3.5 million Eastman Kodak (EK), photography and imaging equipment company
11. Gary C. Kelly, CEO: $3.3 million Southwest Airlines (LUV), airline
12. Richard D. Parsons, board chairman and former CEO: $232,500 Citigroup (C), financial services

Copyright 2011 ABC News Radio


GE CEO Immelt to ABC News: 'People Get to Think What They Think'

Chip Somodevilla/Getty Images(WASHINGTON) -- News that General Electric made $14 billion in profits in 2010 but paid zero in federal taxes has led to liberal leaders like former Sen. Russ Feingold, D-Wisc., and MoveOn to call for President Obama to show the door to GE CEO Jeff Immelt, the chairman of President Obama’s Council on Jobs and Competitiveness.
Immelt was even roasted on late-night comedy programs like the Daily Show.

The criticism has also been intense with labor leaders arguing that under Immelt, GE has shed jobs and expanded outsourcing.

ABC News' Jake Tapper spoke with Immelt in Washington, D.C., Thursday and asked him about the criticism.

TAPPER:  Since you became CEO, GE has shed jobs and a lot of jobs have gone overseas…

IMMELT: Jake it’s really not true. In other words, we’ve sold half the company since I’ve been CEO.  If you take that out, our job growth is up and if you look at our core infrastructure and technology it’s up 30% and if you look at what we’ve  done post-crisis, we’ve added 6,500 manufacturing jobs and so I just think you have to get in the second layer of the analysis.

TAPPER: What do you make of the criticism of the people who say you should step down, you’re not a good role model for the business community?

IMMELT: Look, I am completely committed to doing a good job, working with the president and I’m completely focused in that regard on building jobs and competitiveness in the U.S. and I will do my best to do a good job with it. People get to think what they think.

Copyright 2011 ABC News Radio

ABC News Radio