Quote:
Originally Posted by lofhay
Surely any person not willing to act as CEO (or President or CFO, etc) for such compensation could be replaced by another very competent person who is willing to work under such a plan...
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Wow. I've never heard quite so plainly-stated a plan for the commoditization of C-level leadership. I like it a lot.
Really... how much talent does it take to drive GM into bankruptcy? Shouldn't the highest-flying high-flier be ultimately accountable when the bank they run tanks, or poisons the economy with crap paper?
My former CEO, Ken Thompson, was ousted by the board of Wachovia after his personally-pushed-through purchase of shit-backed-security-peddler Golden West Financial hobbled Wachovia and drove it into a fire-sale to Wells Fargo, destroying a 100-year-old brand. Thompson made about $15 mil in 2008. Oh, and his severence package? $1.45 million in cash and accelerated vesting of $7.25 million in restricted stock. I think I could do no worse, and I'd do it quite happily for 1/20th that amount.