19th September 2014
Hartford, CT — Yesterday, new details emerged about Tom Foley’s management of the T.B. Wood’s Co. in Pennsylvania. Newly unearthed reports show that Foley walked away with nearly $40 million despite an almost three year strike that saw some — trying to get into the middle class — lose their homes, go bankrupt, and even divorce because of the hardship.
Tom Foley offered those striking workers a mere fifty cent raise after years of flat salaries. Yesterday, he called that “very generous”, claiming it was all the company could afford.
But new details show that he made millions in annual salary and bonuses after workers suffered through the almost three-year strike – $1,884,584 in the years immediately following and $4,215,536 over the decade after. While workers went bankrupt and suffered, he received bonuses. Then, he walked away with $40 million.
Foley Salary and Bonuses as Head of T.B. Wood’s Co.
1996 – $479,167 in salary and bonus
1997 – $572,917 in salary and bonuses
1998 – $453,750 in salary and bonuses
1999 – $378,750 in salary and bonus
Total salary and bonuses from 1996-1999 alone: $1,884,584
Total salary and bonuses from 1996-2006: $4,215,536
These numbers also do not include the salary he made through other companies and investments, including Bibb.
“Workers suffered, and Tom Foley lined his pockets with millions of dollars as he refused to take a pay cut. Workers fighting to get in the middle class lost homes and marriages, and Tom Foley collected massive bonuses. This encapsulates his priorities – he has destroyed the lives of people who were just fighting for a fair wage. If Connecticut voters want to know his attitude towards the middle class, look no further than this. Tom Foley is a risk we cannot afford,” said Devon Puglia, Democratic Party spokesman.
Mr. Foley’s Salary Of $229,167 (Prorated For The Period Beginning After The Company’s Initial Public Offering) Was Set At A Base Amount Of $250,000 At The Time Of The Company’s Initial Public Offering. “The Compensation Committee determined the 1996 compensation for Mr. Foley in accordance with the guidelines described above. Mr. Foley’s salary of $229,167 (prorated for the period beginning after the Company’s initial public offering) was set at a base amount of $250,000 at the time of the Company’s initial public offering. Mr. Foley’s bonus of $250,000 was based upon his strategic expertise which contributed significantly to the successful completion of the Company’s initial public offering and several acquisitions during 1996.” [TB Woods Inc, SEC Proxy Statement, 03/25/97]
In 1997, Foley Was Paid $272,917 In Salary By TB Woods Corp. “The Company paid an aggregate of $61,500 of directors’ fees in fiscal year 1997 for directors who were not employees or officers of the Company. Mr.Foley is compensated by the Company for his services as Chairman in an amount equal to $272,917 per annum plus a cash bonus and other incentive compensation to be determined by the Company. Directors who are employees of the Company do not receive additional compensation for serving on the Board or Committees. Each outside Director receives an annual fee of $30,000, a meeting attendance fee of $1,000 and reimbursement of applicable travel and other expenses.” [TB Woods Corp., Form DEF 14A, 1/2/98]
Foley’s 1997 Bonus From TB Woods Was $300,000. [TB Woods Corp., Form DEF 14A, 1/2/98]
Foley’s 1998 Salary Was $288,750 And He Received A Bonus Of $165,000. [TB Woods Corp., Form DEF 14A, 4/27/99]
Foley’s 1999 Salary Was $303,750 And He Received A Bonus Of $75,000 From TB Woods. [TB Woods Corp., Form DEF 14A, 4/25/00]
Foley’s 2000 Salary Was $318,750 And He Received A Bonus Of $150,000 From TB Woods. [TB Woods Corp. Form DEF 14A, 4/23/03]
Foley’s 2001 Salary Was $318,402 And He Did Not Receive A Bonus TB Woods. [TB Woods Corp. Form DEF 14A, 4/23/03]
Foley’s 2002 Salary Was $332,800 And He Did Not Receive A Bonus TB Woods. [TB Woods Corp. Form DEF 14A, 4/23/03]
Following His Return From Iraq, Foley Signed A Consulting Contract With TB Woods, Paying Him $250,000 In Base Salary. [TB Woods Corp., Exhibit 10- Material Contracts, 8/25/04]
In 2006, Foley Was Paid $711,000 By T.B. Wood’s. “His holding includes 85,500 shares that have been donated by Mr Foley to the Foley Family Foundation, a charitable trust controlled by the ambassador. The trust’s holding is worth more than $2.1 million, based on the acquisition price. TB Woods was founded in 1857 and employs 800 people, half of them in the United States. As chairman, Mr Foley received remuneration of $711,000 in 2006 from the company. Mr Foley has been a major supporter of US president Bush, having helped to raise more than $100,000 in funds for his 2000 electoral campaign. He also attended Harvard Business School with president Bush.” [The Irish Times, 03/07/07]