I'm reading Scott Rosen's interview book of local chief executives titled "Wisdom at the Top: Lessons on Leadership and Life from 35 CEOs." A couple, including Rudy Karsan of Kenexa and Ted Peters of Bryn Mawr Trust Co., did address the topic of abuses by a minority of their fellow chief executives.
Ted Peters' comments were particularly interesting: "The American people get upset, and rightfully so, when someone runs a company into the ground and then walks away with a huge compensation package. The problem lies not only with the CEOS, but also with boards and compensation committees that are not paying attention and doing their duty to the shareholders.
"We should go to the Japanese or British model," Peters continued, "and set a limit on CEO compensation. In big companies we have crazy numbers. CEOs were traditionally paid 20 or 30 times the average compensation of employees, but in some companies that's moved up to 300 or 50 times the average pay."
Scott Rosen runs the Rosen Group, a staffing agency specializing in recruiting and placing human resource professionals. I've interviewed him and his staffers many times over the years, because their organization is great economic indicator. The more companies that turn to agencies like Rosen's for help in hiring recruiters, the better the economy is looking.
Ted Peter's better watch out - he'll find himself on the 'Bagger's hit list. What does he mean go the "Japanese or British model"? "Limits" on CEO compensation???? Disgusting lefty-socialist-commie. Doesn't he know the New America is all about raping what you can, and getting away with it?...BTW - a "minority" of their fellow CEO's? That presumption is without basis or fact. Considering that MOST companies in this once-great country pay their CEO's obscene money for work done by their employees (whose wages have gone NOWHERE in over a decade), I would say the empirical evidence suggests this is the NORM, not the exception.— CiceroSpuriousDeodatus- The redistribution of wealth is OK as long as it's being done by Wall Street (as in: they take our tax-funded bailouts and pocket them). Heaven forbid anyone should suggest CEO compensation be tied to actual performance or capped at some still-extravagant level!— Speakingtruth
- Uh, Japanese CEO compensation is modest compared to the average worker, but there economy has been in the dumps for almost two decades and wages have been falling for both average workers and CEOs over that time period. As for the British model, it might have been at one time, but today, I can't see a difference of between stupid pay at UK firms and US ones -- in any event, lots of companies are fleeing both countries. US & UK corporate tax rates are +30%, ireland is 10%. Where would you rather be?— BigBenFranklin
Comment removed.- Not just the CEO's! Upper management in general is over compensated, especially when a co.'s performance is stagnant or under performing. Multiples of $hundreds of thousands of dollars are extracted from company revenues and shareholders' value by the salaries/benefits/perks paid to upper management. If workers' positions are tentative so should management's. The excuse of "we have to pay well to get the talented" is so much nonsense. What are 'talented ones' to do, stay home. Workers are talented too and in many cases actually create a company's product/output. I gotta laugh when executives take over management of companies that have been existence for a long time. Why oh why are they not judged more stringently? After all the structure is there, product is in place and worker bee's are trained and producing. On it's face, why is management paid so generously....unless it's bonus for some quantum leap in productivity & PROFITABILITY? If they fail in a reasonable time, then adios (w/ot umbrellas) just like sports managers.— stoneman
- Comment removed.
- Comment removed.
- Compensation is a fair topic to address. I think that obviously the marketplace affects what companies will pay their top people but I think it takes a forward thinking CEO to address his compensation and how it can make a company better. Some on Wallstreet just say...hey thats what they pay me deal with it...— asmeezy
Every day for 60 days, Inquirer staff writer Jane M. Von Bergen profiled someone from the ranks of the region’s unemployed.
-
Cold winter for the jobless
- Ranks of long-term jobless are growing.
-
How a printing plant failed
- Big gambles and bad decisions, oil prices and credit crises, even a New Zealand tycoon: All played a role in Downingtown.
- Jobless60
- February
- January
- December 2011
- November 2011
- October 2011
- September 2011
- August 2011
- July 2011
- June 2011
- May 2011
- April 2011
- March 2011
- February 2011
- January 2011
- December 2010
- November 2010
- October 2010
- September 2010
- August 2010
- July 2010
- June 2010
- May 2010
- April 2010
- March 2010
- February 2010
- December 2009
- November 2009
- October 2009
- September 2009
- August 2009
- July 2009
- June 2009
- May 2009
- April 2009
- News | Sports | Business | What's Happening | Restaurants & Food | Entertainment | Living | Marketplace | Jobs
