Green Company Gets $390 Million In Government Subsidies, Lays Off 125
A123 Systems, an electric car battery company once touted as a stimulus "success story" by former Gov. Jennifer Granhom, D-Mich., has laid off 125 employees since receiving $390 million in government subsidies -- but is still handing out big pay raises to company executives.
This month has seen significant pay boosts for other A123 executives, as well:
Robert Johnson, vice president of the energy solutions group, got a 20.7 percent pay increase going from $331,250 to $400,000, while Jason Forcier, vice president of the automotive solutions group, saw his pay increase from $331,250 to $350,000. Prystash’s raise was 8.5 percent, going from $350,000 to $380,000.
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