Many CEOs feed off of the low-wage economy and in some ways are compensated for creating it. For example, executives at Mondelēz International decided to send the more than 600 jobs from the company’s Nabisco bakery in Chicago to Mexico. The tax loophole that permits the deferral of taxes on unrepatriated profits encourages this type of offshoring. As of December 31, 2015, Mondelēz had accumulated $19.2 billion in unrepatriated profits from its overseas operations.
Irene Rosenfeld, the CEO of Mondelēz, which is the parent company of Nabisco, decided to offshore jobs—good-paying jobs that anchor the local economy—because the loyal and hardworking employees turned down a 60% cut in pay and benefits. Meanwhile, a year before this announcement was made, Rosenfeld received a $7 million raise.
Sign the petition and urge Irene Rosenfeld to reconsider her decision and save good jobs for hundreds of Chicago’s working people and the communities that depend upon them.