Some CEO’s, of major companies have took a hard hit in their wallets with the slashing of their salaries and compensation packages. Blackstone Group CEO, Stephen Schwarzman's pay fell 99 percent to 350 thousand dollars a year according to Uk Reuters web site; the company's stocks has went from 31 dollars a share to a mere 4 dollars and some change since the financial crisis.
According to the Denver Journal, Crocs, Inc new CEO John Duerden who’s base salary is 850 thousand dollars and 400 thousand shares of the companies stock given to him with the option to buy the same amount of stock at the current market value of one dollar and thirty seven cents.In addition to stock options he will receive an additional three hundred and fifty thousand dollars for relocation fees and benefits. Unlike Blackstones CEO, John Duerden is still being compensated for with his stock options and extra perks.
Now not to seem different from the rest of the major company's out there Aflac Inc., which sells insurance in the U.S. and Japan, reported Monday that Chairman and Chief Executive Daniel P. Amos received total compensation valued at about $10.8 million in 2008, down 10 percent from the nearly $12 million he was paid in 2007, when the company's stock climbed to all-time highs.
Our economy has been the major player in the cuts backs in these major company's, but some are still been compensated for intangible things such as country club dues and spots to park their overly priced cars, now check out the compensation Kevin Kabat got from Fifth Third Bancorp.
Fifth Third Bancorp chief executive Kevin Kabat was awarded $3.1 million in total compensation for 2008 - less than half his pay in 2007.Kabat's base salary was $899,995 - up from $866,534 in the previous year. Company officials noted the 3.9 percent increase was not due to a raise in 2008, but reflected a full-year of pay at an increase he received during 2007.
Kabat received neither a bonus nor incentive plan pay. But he also got $1.2 million in option awards, $814,523 in stock awards as well as $208,134 in "other compensation," which included trust and estate planning costs, parking and country club dues.
No matter how you look at it, the CEO's may have taken a pay cut and less stock option but they are still been compensated for perks and luxury's that they should be paying for instead of the company they are suppose to be taking to the next level under their leadership. One must follow by example, what kind of example is it to take advantage of the company that serves you.
To read more about these story you can visit these web sites.
http://news.cincinnati.com/article/20090302/BIZ01/903030315
http://www.google.com/hostednews/ap/article/ALeqM5j17OVovZDet4nmyUNtxyhW9yHu9AD96MP7L80
http://www.bizjournals.com/denver/stories/2009/03/02/daily15.html
http://uk.reuters.com/article/marketsNewsUS/idUKBNG4127620090303
Tuesday, March 3, 2009
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