I got this from the Cloud. It was a comment on one of the company blogs, but never made it through to get posted. It might "make sense," but it's not consistent with the values of the company. Somebody needs to fix it. The whole pension issue is going to blow up in the press probably sooner rather than later. To be clear, I have no idea if it's true or not. Just posted what I found.
Is the money saved really worth the potential brand damage as we move into an Obama defined world?
December 6, 2008
Matthew R. Maher Jr.
Dear President elect Obama and Vice President elect Biden,
We voted and campaigned for you and congratulate you both. We are confident you have America’s middle class at heart. Your polices will determine our future voting, however we fear you have made a mistake selecting Anne Mulchey, CEO of Xerox, to your economic team.
My wife and I along with 30,000 other middle class employees retired from Xerox with over 30 years of dedicated service were promised retirement benefits when we retired. Ann Mulchey CEO of Xerox has completely eliminated funding for promised health care benefits for all 30,000 retired employees and 50,000 future retirees.
Anne Mulchey enjoyed a 22% increase in salary for performance as CEO in 2008. Xerox has repurchased 4.5 billion dollars of their stock, paid down debt, annual revenue growth was 8.4% and net income is 6.2%. This action to eliminate promised health care benefits of elderly retired 30 year plus employees who can least afford and plan for is purely corporate greed and unjustified.
Letters to Anne Mulchey asking her to reverse this change in promised benefits have received no replies. Please convey the hardship Ann Mulchey has inflicted on Xerox retirees and request she permanently reverse her decision eliminating funding for Xerox retirees promised health benefits they worked their entire lives for. I sending this request to every one on your committee and others who may come in contact with Anne Mulchey, including government representatives, public media, present and retired Xerox employees.
Your view in this matter would be greatly appreciated.
Matthew R. Maher Jr.