Saab, which is currently on life support as money issues continue to pile up, is reportedly about to give its board members a bump in pay. Those aforementioned issues – the inability to pay suppliers and workers, the looming threat of bankruptcy – make the retroactive pay raises received by the Swedish Automobile N.V. (SWAN) board of directors seem just a tad poorly timed.

These raises may have been planned well in advance, as Saab PR is quick to point out. That doesn't change the fact that the automaker needs financial help, yet has chosen to hand out more of the very thing it needs most right now to those at the very tippy top of the food chain.


I'm reporting this comment as:

Reported comments and users are reviewed by Autoblog staff 24 hours a day, seven days a week to determine whether they violate Community Guideline. Accounts are penalized for Community Guidelines violations and serious or repeated violations can lead to account termination.


    • 1 Second Ago
  • 28 Comments
      Hazdaz
      • 4 Years Ago
      Its "shared sacrifice" except if you are at the top of the heap.
        Making11s
        • 4 Years Ago
        @Hazdaz
        Isn't that always how it goes?
          Frank
          • 4 Years Ago
          @Making11s
          "they have been having it their way for so many years that these folks think they are entitled to raises, bonuses and golden parachutes no matter how poorly they perform." Sounds like our Congress and the Executive Branch.
      tenspeeder
      • 4 Years Ago
      Last man out - steal the light!
      third3ye82
      • 4 Years Ago
      Planned in advance or not, the board has the authority to forgo their raises and even their pay altogether to show some solidarity with the rest of the company. The message this sends is that the board doesn't see much of a future in Saab and would rather take their money now before it disappears. Wonder if these guys went to the Wall Street school of management.
      Rob
      • 4 Years Ago
      Time to pull the plug
      Douglas Dyne
      • 4 Years Ago
      Read the article and the comments. The Chairman of the Board got a pay raise from ~23,000 USD to ~95,000 USD, effective from when Spyker took over SAAB. Consider this. The Chairman of the Board is now getting paid just around ~1.5 times a starting UAW member! (Tier one). While the timing certainly is terrible, this really doesn't seem a step of massive greed. I am sure that everyone here would be upset if they were asked to do 4-10 times as much work with no increase in pay.
        Jason Miller
        • 4 Years Ago
        @Douglas Dyne
        That's still a huge raise when you compare before and after. You should get a raise AFTER you do a good job. Would you like to hear about this raise after working in the Saab assembly line for free because you were told they didn't have money to pay you?
          Douglas Dyne
          • 4 Years Ago
          @Jason Miller
          Errr.. your reading this the wrong way Back in 2009, Spyker has a Chairman and a Board of Directors. It paid an honorium of ~10-20,000 USD per member. In Early 2010, when Spyker assumed control of Saab, this old board was (mostly) replaced with a new board. In part, this new board joined with the understanding that the honorium -would- increase from 10-20,000 to 50-90,000 USD. Why would they do this? Because being on the Board of Saab/Spyker is ALOT different than being on the board of just Spyker. It repersents a nearly 100 fold increase in responibility and I would imagine significantly greater time spent. For more than 1 year, the new boardmembers accepted 25% of thier 'correct' pay level. How many of SAAB workers would be willing to do this? Even knowing that they would be paid retroactively. So in conclusion. This was not a PAY raise. Simply compensating the board members fairly for this time spent. A quick trip to Payscale tells me "Chairman" get paid around 35,000-350,000 USD a year. In the Netherlands, PPP conversion would suggest 50,000-500,000 USD is a fair compensation range. Clearly ~100,000 is not an unreasonable number. All things considered, the SAAB/Spyker board is probably drastically underpaid for the level of effort put forth... and while it would be nice if they worked for "free", keep in mind the Board are more like paid consultants than owners.
          hobbesfanmaster
          • 4 Years Ago
          @Jason Miller
          ...Saab have paid all of their workers, otherwise they'd be scrutinized by the unions and bankrupt, as per Swedish law...
        hobbesfanmaster
        • 4 Years Ago
        @Douglas Dyne
        Thanks, Mr. Dyne. This is what I was trying to say, but you've put it clearer than I have.
      notafan
      • 4 Years Ago
      Saab is going out with a fart. fart.
      Polly Prissy Pants
      • 4 Years Ago
      Come on, if you could wave your hand and vote yourself a raise why wouldn't you? Let those blue collar peasants eat cake.
      PJPHughes1
      • 4 Years Ago
      Big announcement just came down the wire with Saab getting $350M with the help of US based Endeavor Advisory Group. Looks like this should hopefully give them the cash to get things and keep things going. Saab isn't disappearing any time soon, thank goodness. Kudos to Victor Muller...I wonder if the man is getting any sleep!
        simianspeedster
        • 4 Years Ago
        @PJPHughes1
        I think you're greatly overstating the relationship. As I understand it, Saab has hired Endeavor Advisory Group to raise capital on their behalf -- this is it is not a direct capital injection or investment. Saab is not suddenly in posession of a fresh 350 million euros. It may not even work. “Swedish Auto Giant Saab Automobile AB has hired Endeavor Advisory Group as investment banker to raise the company $350 million Euros in debt financing,” Endeavor Chairman and CEO David Khalilzad said. “We are very pleased that Saab Automobile AB has chosen Endeavor and Saab CEO Victor Muller said it is great to work with Endeavor Advisory Group.”
      • 4 Years Ago
      [blocked]
      • 4 Years Ago
      [blocked]
      Zacarious
      • 4 Years Ago
      When the ship is sinking you take all you can with you. What more can be said?
      jamiescale
      • 4 Years Ago
      I would pass on buying a Saab based simply on this...whatta bunch of (rich) clowns ...a very close 2nd reason would be that they won't be in business for very much longer..
    • Load More Comments