Oberhelman, 60, has a sturdy, serious demeanor that’s made him an ideal spokesman for American manufacturing. Over the past two years the Caterpillar chief has emerged as a powerful advocate for policy changes he believes will boost exports and create jobs: looser trade restrictions, a lower corporate tax rate, and greater infrastructure spending. Oberhelman recently became chairman of the National Association of Manufacturers, the industry’s influential trade organization, and has counseled numerous congressmen and the president.Īs Caterpillar squeezed hourly workers for concessions, Oberhelman’s own pay rose 60 percent in 2011, to more than $16 million. Although the company’s profits have declined in recent quarters (largely because of a decline in commodities prices, which has hurt all mining equipment makers), Caterpillar announced on April 22 that Oberhelman’s compensation had jumped again, to $22 million. According to analysis by Bloomberg of Securities and Exchange Commission filings, the average pay for an executive officer at Caterpillar has risen 56 percent over the last six years, to more than $10 million.Ĭaterpillar has become a symbol of the growing divergence in corporate America between profits and wages.
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