Word: ceos
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...stockholders are getting steamed up reading about the fat raises and other payments their chief executives raked in. Already making 160 times what average blue-collar employees receive, chiefs of America's largest companies garnered pay hikes last year of 12% to 15% as the economy nose-dived. Some CEO pay packages are so large, says Stephen O'Byrne, a compensation expert at the consulting firm Towers Perrin, that they "represent investment decisions on the order of building a plant...
Experts who study executive compensation say it's about time somebody asked those questions. CEO pay has been growing faster than sales and profits for years. The chiefs of the 200 largest U.S. companies received an average of $2.8 million in 1989, before those 1990 raises were handed out. Their counterparts in Canada, Europe and Japan made less than half as much, sometimes while beating the pants off them in the marketplace. Studies indicate that most American CEOs seem able to demand raises at will, regardless of how good or bad a job they do. In many cases they...
...board of directors is usually pretty easy. Often enough, bosses who get big raises return the favor by handing out higher fees and benefits to the board. Says Graef Crystal, a professor at the Haas School of Business at the University of California, Berkeley: "Wherever you find highly paid CEOs, you'll find highly paid directors. It's no accident." At Coca- Cola, CEO Roberto Goizueta earned $10.6 million in salary and stock in 1989, more than three times the average for CEOs of the 200 largest U.S. firms (his 1990 compensation: $11.2 million). His board members earned...
...sell-off was hastened by the illness and retirement of CEO Donald Thomas, LBJ's lawyer, who ran the financial empire single-handedly for years. Neither Lady Bird Johnson, 78, nor daughters Lynda and Luci, who live far from Texas, are prepared to ride herd on the business. Besides, the seven Johnson grandchildren, who hold stakes in the company through their trusts, are growing up. "It's generational change," said family spokesman George Christian. "Everything dictated that they all go their separate ways." And probably quite comfortably: all the properties being offered are free of debt...
...many parts of the globe has suffered because so many decisions have been put on hold. In the U.S. the specter of a major war has created a virtual paralysis in an economy already plagued by recession, deep budget deficits and troubled banks. "It's frightening," said Mitchell Fromstein, CEO of Manpower, the employment-services company. "We're watching a war being superimposed on top of a recession. People are just frozen in place until they see what it is they're facing...