Word: stocking
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Dates: during 2000-2000
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...multichannel dotcoms cheerily dip into bottomless parent-company purses, e-tailers that used to burn cash like a yuletide log have turned into Scrooges--slashing costs, scanning the bottom line and praying fervently for a Christmas Future. Sites such as eToys, whose stock has dropped 94% in a year, openly admit they will need cash transfusions by the end of 2001. "We need one more round of financing to break even," says Toby Lenk, founder of eToys. That's why grabbing an impressive chunk of the estimated $12 billion being spent online this November and December is "absolutely critical," adds...
...crown. With Welch's shoes filled--if that's possible--these executives won't stay at GE much longer, and the pay packages that land them will probably dwarf what will initially be given to Immelt. A signing bonus in the tens of millions of dollars? Instant vesting in stock plans? Huge guaranteed annual bonuses? A big chunk of the company? Such goodies are widely available to top-flight managers in today's mobile CEO sweepstakes...
...since the French Revolution have so many executive heads rolled--courtesy of falling profits and stock prices and impatient boards--leaving vacancies strewn all over the FORTUNE 500. Maytag, 3M, Lucent and Gillette are among the headless, and any one of them could rain instant millions on Nardelli or McNerney or similarly qualified executives...
Consider the deal that Gary Wendt got this year at the troubled insurer Conseco: $45 million to sign and a special bonus of as much as $50 million, depending on the stock price in two years. Oh, and a salary, bonus, stock grants and options worth more than $3 million annually. Wendt, it's worth noting, is a grad of the famous Welch U., having run GE Capital Services until two years...
Such deals aren't reserved for GE alums. When Carly Fiorina left Lucent to become Hewlett-Packard's CEO, she reportedly landed more than $50 million up front to compensate for the value of stock options she had to leave behind. (Smart move. Lucent's stock collapsed this year, contributing to CEO Rich McGinn's recent unemployment.) Alex Mandl got $20 million up front and 18% of the company when he left the No. 2 post at AT&T to run the telecom start-up Teligent. Others landing huge pay deals include Jamie Dimon at Bank One, Joseph Nacchio...