The Lansing State Journal laid off 19 staff. A few years ago the paper had 24 reporters and now the newsroom has two editors, eight reporters, a columnist, and a multimedia assistant. The LSJ is a Gannett paper that owns 82 papers and shrank its employees by roughly 2 percent. On the other hand, the Gannett CEO took home a $1.75 million bonus last year that was part of 9.4 million total earnings. The Chief operating officer's earnings more than doubled from 2009 to 2010 to $8.2 million including a 1.2 million bonus.
I guess you have to pay a lot to get people to do this dirty work! These are the super rich that the Republican Congress refuses to increase their taxes because they provide us jobs. This is Orwellian double-speak at its worst.
Showing posts with label CEO payout. Show all posts
Showing posts with label CEO payout. Show all posts
Friday, July 8, 2011
Tuesday, February 26, 2008
CEO Remuneration: Too Much
The pattern of CEO failures being rewarded with huge severance packages is repeated over and over again. The latest is insurance broker Marsh & McLennan who fired its CEO after the company shares lost over a fifth of their value last year. Still he received $7.15 million in severance. The evidence is contrary to the argument that executive talent is so rare that it must be promised a golden parachute to accept new employment.
Yahoo’s CEO received $429 million in stock option profits over his first four years at the helm and a $71 million paycheck in his fifth year. In 2007 he was fired for poor performance.
These absurd rewards for failure are in sharp contrast to the payouts to workers left behind. Mitt Romney’s Bain Capital bought a Tiffin, Ohio, plant and closed it last December denying workers any severance or medical coverage. Bain on the other hand, made $51 million on the deal. The cooperation of the CEO no doubt earned him a tidy sum.
Gardner and Means years ago noted the separation of ownership and management in the modern corporation. They would be shocked to see how it has turned out as boards of directors (many of which are corporate CEOs in other companies) take care of their own at stockholders and employees expense.
Source: Too Much: A Commentary on Excess & Inequality--http://www.cipa-apex.org/toomuch/index.html
Yahoo’s CEO received $429 million in stock option profits over his first four years at the helm and a $71 million paycheck in his fifth year. In 2007 he was fired for poor performance.
These absurd rewards for failure are in sharp contrast to the payouts to workers left behind. Mitt Romney’s Bain Capital bought a Tiffin, Ohio, plant and closed it last December denying workers any severance or medical coverage. Bain on the other hand, made $51 million on the deal. The cooperation of the CEO no doubt earned him a tidy sum.
Gardner and Means years ago noted the separation of ownership and management in the modern corporation. They would be shocked to see how it has turned out as boards of directors (many of which are corporate CEOs in other companies) take care of their own at stockholders and employees expense.
Source: Too Much: A Commentary on Excess & Inequality--http://www.cipa-apex.org/toomuch/index.html
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