John Deere CEO sells $72,473 in company stocks days before strike
ISSUE. RIGHT NOW PRODUCTION IS SHUT , DOWN AT JOHN DEERE PLANTS ACROSS THE COUNTRY. RHA:EY 10,000 EMPLOYEES PUT WNDO THEIR TOOLS AND PICKED UP SIGNS FOR THE FIRST STRIKE AGAINSTHE T AG GIANT IN THREE DECADES. MANY OF THOSE WORKERS ARINE PLANTS IN IOWA, INCLUDING FACILITIES IN ANKENY, OTTUMWA, TEWARLOO, AND DUBUQUE. WE HAVE TEAM COVERAGE OF THE ST RIKE TONIGHT. SENIOR REPORTER TODD MAGEL TELLS US THE ODDS THESE WORKERS HAVE AT GETTING THEIR DEMANDS MET. BUT WE FIR WSTE START AT THE PICKET LINE. KCCI’S CYNTHIA FODOR IS LIVE AT THE JOHN DEERE PLANT IN ANKENY. NTCYA:HI THAT IS RIGHT. WE A OUTRE HERE AND HAVE BNEE OUT HERE FOR MUCH OF THE DAY. WORKERS HAVE BEEN ON THE PICKET LINE SINCE EARLY THIS MORNING, TAKING SHIFTS ALL DAY. TRUCKS DRIVE IN CROSSING THE PICKET LINE AS BIG FARM EQUIPMENT CONTINUES TO PULL OUT OF THE MASSIVE FACTORY. LOTS OF PEOPLE PASSING BY SHOW THIER SUPPORT FOR THE PICKETS.ER BUT THE WORKERS ARE SILENT, SOMBER, SERIOUS. >> NOBODY EVER WANTS TO GO OUT ON STRE.IK THEY JUST WANT A FAIR SHAKE, A FAIR CONTRACT LIKE ANY OERTH UNION MEMBER. CYNTHIA: AFSCME MEMBER MELISSA SPEED CAME TO STAND WITH HER UAW BROTHERS AND SISTERS. >> WE HAVE TO LOOK OUT FOR EACH OTHER, SOLIDARITY IS WHAT IT’S ALL ABOUT. >> PEOPLE ARE FINALLY FED UP, SET UP AND TIRED OF IT. THEY ARE NOT GOING TO HA ITVE ANYMORE. CYNTHIA: THE IOWFEA DERATION OF LABOR PRESIDENT ALSO WALKED THE LINE OVER AT THE ANKENY DISTRIBUTI CONENTER. >> THESE ARE PEOPLE WHO WORKED THREIAILS T OFF FOR A REALLY LONG TIME. THEY JUST WANT THEIR SRE OHAF WEALTH THEY HELP CREATE FOR THE COMPANY. CYNTHIA: DEERE IS EARNING RECORD PROFITS WHILE THE COMPANY’S’CEO REPORTEDLY RECEIVED A 160% RAISE LAST YEAR. WORKERS ARE ASKING FOR A SAFER WORKPLACE, A BIGGER SHARE OF THE PIE, AND BETTER RETIREMENT BENEFITS. >>HEY’ ’RE STRIKING FOR PEOPLE WHO HAVEN’T BEEN HIRED YETTHEY, WANT TO TAKE THE RETIREMENT SYSTEM AWAY FROM NEW HIRES. CYNTHIA: THE COMPANY SENT US A STATEMENT SAYING, JOHN DRESEE COMMITTED TO A FAVORABLE OUTMECO FOR EVERYONE INVOLVED, ANDO T REACH AN AGREEMENT WITH THE UAW THAT WOULD PUT EVERY EMPLOYEE IN A BETTER EOCNOMIC POSITION, AND CONTINUE TO MAKE THEM THE HIGHEST PAID EMPLOYEES IN THE AGRICULTURE AND CONSTRUCTION INDUSTRIES. AT LEA OSTNE BUSINESS EXPERT TELLS US THAT JOHN DEERE CANNOT AFFORD A LONG STRIKE. KCCI SENIOR REPORTER TODD MALGE SPOKE WITH A DRAKE UNIVERSITY PROFESSOR ABOUT THAT TODAY. TODD: JOHN DEERE IS IN A DANGEROUS SPOT BECAUSE OF THE CURRENT LABOR SHORTAGE. THAT MEANS DEERE WORKERS MAY BE ABLE TO CALL THE STSHO. WE TALKED TO DRAKE UNIVERSYIT PROFESSOR LANCE NOE. HE SAYS WORKERS AND THEIR UNION KNOW THAT MANY BIG COMPANIES SIMPLY CAN NOT KEEP UP WHIT DEMAND, AND THEY NEED ALL THE SKILLED WORKERS THEY CAN GET TO BUILD EQUIPMENT. AND WITH THE CURRENT SUPPLY CHAIN SHORTAGE, DEERE CAN’T AFFORD A LONG STRIKE BECAUSE THAT WILL CREATE EVEN MORE DELAYS FOR THEIR CUSTOMERS. NOE SAYS DEERE HAS BEEN EARNING RECORD-BREAKGIN PROFITS, AND NOW WORKERS WANT A SHARE OF THAT. >> WITH THE SKILLED WOERRK SHORTAGE, THEY BELIEVE NOW IS THE TIME THEY CAN MAKE SOME PROGRESS THERE. ON THE FLIPSIDE, I THINK YOU SEE FIRMS LOOKING AT THE SUPPLY CHAIN SHORTAGE AND THEY ESE DANGER DOWN THE ROAD. TODD: KEEP THIS IN MIND. IN JOHN DEERE HIT $3BILL2 ION IN AUGUST, GLOBAL SALES, WITH EARNINGS OF NEARLY $6 BILLION. RHEYA: THANK YOU SO MUCH. THIS STRIKE COMES AT A BAD TIME FOR FARMERS. SOME ARE WORRIED THEY WON’T BE ABLE TO FIND THE PARTS OR EQUIPMENT THEY NEED TO CONTINUE HARVESTING THEIR CPSRO. OFTENTIMES, FARMERS CAN ONLY GET
John Deere CEO sells $72,473 in company stocks days before strike
Updated: 4:57 PM CDT Oct 16, 2021
Reports show John Deere CEO John May sold $72,473 company stocks a few days before the strike began. Earlier this week, more than 10,000 John Deere workers went on strike after negotiations between United Auto Workers and John Deere failed. The majority of union workers rejected a contract that would have delivered 5% raises to some workers and 6% raises to others. According to documents acquired by KCRG, the Security and Exchange Commission reported on Tuesday that May began selling stocks in March 2021. But the SEC requires the documents to be filed within two business days after the transaction. KCRG reports the John Deere stock decreased by 6.3% in the last month and 3% in the last five days. John Deere has not responded to KCRG’s request for comment.
Reports show John Deere CEO John May sold $72,473 company stocks a few days before the strike began.
Earlier this week, more than 10,000 John Deere workers went on strike after negotiations between United Auto Workers and John Deere failed.
The majority of union workers rejected a contract that would have delivered 5% raises to some workers and 6% raises to others.
According to documents acquired by KCRG, the Security and Exchange Commission reported on Tuesday that May began selling stocks in March 2021. But the SEC requires the documents to be filed within two business days after the transaction.
KCRG reports the John Deere stock decreased by 6.3% in the last month and 3% in the last five days.
John Deere has not responded to KCRG’s request for comment.
