Anheuser-Busch InBev Executive Pay Nearly Doubles
Many St. Louisans are left shaking their heads over new numbers from Anheuser Busch InBev. A Belgian business magazine reports executive pay for the 13 member board has almost doubled in the past year. The increase doesn't sit will with St. Louisans still angry over layoffs at the brewery.
Political activist Ed Martin says the InBev conglomerate that took over Anheuser Busch already had a reputation in Europe, Asia, and Latin America. “No one should be surprised, because back last year, year and a half ago, what we were saying is if you go forward with this, you're going to have a slash-and-burn company. It's going to cut, cut, cut to the bone.”
InBev slashed expenses, laid-off a thousand workers, and decreed it would now take ninety days to pay any bills.
Martin, who founded the “Save A-B” Campaign, says he's not surprised that all of the cost-cutting increased the company's profit by 28-percent.
The cuts and layoffs that caused the profit increase also raised payouts for the 13 members of the A-B InBev board.
From Fox2Now
[…] But friends and fans of this site may already know that Anheuser-Busch went through these same motions in 2008 when they first publicly rebuffed the idea that they would let themselves be taken over by Belgian-owned company InBev and even launched an American Family Values campaign. But in the end, money beat values and they sold to a foreign company. Consumer satisfaction for AB products dropped, and AB InBev doubled the board’s salaries and laid off 1,000 workers. […]