![]() NBCUniversal’s Jeff Shell was fired for cause after failing to disclose an affair with an employee. What kind of steady leadership did investors get in return for these mega paydays? Well, Disney kicked out Bob Chapek after three years, cushioning his blow with a $20 million golden parachute. “When things are going well, boards always say, ‘Oh, my God, they’re all geniuses,’ and when things go bad it’s always blamed on external factors and not the person in charge.” “Compensation for these CEOs never goes down in bad times as much as it goes up in good times,” says Rosanna Landis Weaver of shareholder advocacy group As You Sow. The most eye-popping pay packages are usually inflated by present-day value of stock options that can’t be immediately cashed in but can still provide the wrong kind of incentive to keep stock prices high. Even those executives who took pay cuts raked in millions in bonuses, salaries and perks that left them firmly ensconced in the 1% of the 1%. Apple’s Tim Cook’s total compensation neared $100 million, while Alphabet’s Sundar Pichai’s topped $225 million. Netflix’s Reed Hastings and Ted Sarandos got double-digit bumps even as their company suffered a historic selloff. Yes, most of these corporate chieftains trimmed their pay packages … but not all of them did. Oh, and screenwriters are on strike, while directors and actors are threatening to join them when their contracts expire next month.īut for the media moguls and tech entrepreneurs who run the major conglomerates, it’s business as usual in one important respect. Layoffs are being enacted monthly as a spirit of cut, cut, cut grips Hollywood and Silicon Valley. ![]() ![]() Economists are fretting about a recession. ![]()
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