I understand how the pay-for-performance thing works, and I don't have a problem with rewarding people who make big gains for their shareholders, but it should work the other way,too. if you preside over a company that loses a bunch of money or has a stagnant stock, you should lose the big fat pay package. reward for success, punish for failure.
On 11/2/07, Gruss Gott <[EMAIL PROTECTED]> wrote: > Stanley O'Neal, Merril Lynch: > $160 million, including more than $129 million in stock and options. > O'Neal takes the fall for failing to adequately control the firm's > credit and market risks, which resulted in a stunning $8 billion-plus > write down in the third quarter. > > Philip Purcell, Morgan Stanley: > $43.9 million plus $250,000 a year for life after being forced out. He > angered a group of shareholders who had already called for a break up > of the firm by reorganizing management and promoting some executives > who were seen as loyal to him. The dissident shareholders won out. > > Richard Grasso, New York Stock Exchange: > Took $140 million in deferred compensation and the disclosure of that > payment sparked a furor that led to his departure. The pay also > provoked an investigation and lawsuits, which are still being worked > out. Grasso has vowed to fight. > > Douglas Ivester, Coca-Cola: > Took $120 million when he stepped down in 2000 in his mid-50s. The > departure was deemed a "retirement," but Ivester had presided over a > period of stagnant growth, declining earnings and bad publicity. > > Robert Nardelli, Home Depot: > $210 million. He fixed up the home products retailer using techniques > he learned as an executive at General Electric, but by 2006, he was > starting to seriously irritate shareholders. The final straw was when > he told the board to skip the annual shareholder meeting and prevented > shareholders from speaking for more than a few minutes. He was ousted > in January 2007. > > Bruce Karatz, KB Homes: > Gets up to $175 million. The former chief executive of the home > building company resigned in November 2006 after an internal > investigation into whether he and other executives backdated stock > option grants. > > Stephen Hilbert, Conseco: > Took an estimated $72 million. Hilbert bought GreenTree Financial in > 1998, just as the subprime lending business was about to go topsy > turvy. The purchase left Conseco, an insurance company, with big write > downs and ultimately contributed to its 2001 bankruptcy. The company > has since reemerged from reorganization. > > Michael Ovitz, Disney: > $140 million after less than two years on the job. A former big-time > Hollywood agent, Ovitz was recruited to Disney to work under Chairman > Michael Eisner, but the two couldn't play nice. The pay was disputed > in a Delaware court, which decided in 2005 that the board didn't > violate its fiduciary duty in awarding that much severance. > > Hank McKinnell, Pfizer: > $198 million, including $78 million in deferred compensation he built > up in 35 years at the pharmaceutical company. Pfizer shares sank 40% > on his watch, which ended last year. The company had to cut billions > in costs and fire thousands of employees, and said it wouldn't see > revenue growth until 2009. > > Frank Newman, Bankers Trust: > $55 million. A former deputy Treasury secretary, Newman was brought to > Bankers Trust to restore confidence after the 1994 derivatives > scandal. He made aggressive moves into technology banking and lending > (buying boutique Alex. Brown & Sons in 1997). But that push plus a big > position in Russian government bonds, put the bank on the brink. > Newman left in 1999 after selling the company to Deutsche Bank. > > ~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~| Get involved in the latest ColdFusion discussions, product development sharing, and articles on the Adobe Labs wiki. http://labs/adobe.com/wiki/index.php/ColdFusion_8 Archive: http://www.houseoffusion.com/groups/CF-Community/message.cfm/messageid:245773 Subscription: http://www.houseoffusion.com/groups/CF-Community/subscribe.cfm Unsubscribe: http://www.houseoffusion.com/cf_lists/unsubscribe.cfm?user=89.70.5
