CEOs at companies with the largest layoffs, most underfunded pensions and biggest tax breaks were rewarded with bigger paychecks, according to a new report, “Executive Excess 2003: CEOs Win, Workers and Taxpayers Lose.”This is so disgusting I am left speechless.
Median CEO pay skyrocketed 44 percent from 2001 to 2002 at the 50 companies with the most announced layoffs in 2001, while overall CEO pay rose only 6 percent. These layoff leaders had median compensation of $5.1 million in 2002, compared with $3.7 million at the 365 large corporations surveyed by Business Week.
At the 30 companies with the greatest shortfall in their employees’ pension funds, CEOs made 59 percent more than the median CEO in Business Week's survey. The General Accounting Office has labeled the Pension Benefits Guaranty Corporation, the federal agency that insures the nation’s private pensions, “high risk.” Meanwhile, many companies are protecting executives with guaranteed golden retirement packages.
Sep 22, 2003
Labor Day "Executive Excess" Report: CEOs Profit from Layoffs, Pension Shortfalls, and Tax Dodges