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"Satan's Circuit"Two days ago, I wrote a pompous and yet totally accurate and perceptive essay about celestial salaries in a democratic society. see below or CLICK HERE The theme was that there is not a standard for decently determining a person's worth, but that radically overpaying people for their roles is a threat to our way of life.
Now comes Circuit City.
I see that they are trying to run their company ("2nd only to Best Buy") by throwing out thousands of their best employees and hiring new, cheaper ones. No, really!, they did! CLICK
So I looked to find what they have been paying their head honchos. You would think that men who had presided over the collapse of a great company were probably just street-waifs, riff-raff, dummies, not high paid supernumeraries.
It turns out that Circuit City pays its Fat Cats plenty.
1. W. Alan McCollough, Chief Executive Officer,Circuit City Stores Inc. (2005)
"In 2005, W. Alan McCollough raked in $5,470,049 in total compensation including stock option grants* from Circuit City Stores Inc..
From previous years' stock option grants, the Circuit City Stores Inc. executive cashed out $3,052,902 in stock option exercises.
And W. Alan McCollough has another $20,773,329 in unexercised stock options from previous years." CLICK
Then, he quit the job! Hmm
"Circuit City Stores, Inc. (NYSE: CC) today announced that W. Alan McCollough decided to retire as chief executive officer effective February 28, 2006, and to retire as chairman of the board of directors at the 2006 Annual Meeting of Shareholders. He has decided not to stand for reelection to the board at the end of his term that expires in June 2006.At a meeting of the Circuit City board of directors on Saturday, December 17, 2005, Philip J. Schoonover was elected unanimously to the board, effective immediately, and named chief executive officer effective March 1, 2006." CLICK
2. Philip Schoonover (2006)
"Chief Executive Officer Philip Schoonover was paid $8.52 million in fiscal 2006, including a salary of $975,000." CLICK
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So, my PRAYER for the day:
"Go get 'em God. Give 'em what they've earned."
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1 comment:
I've always felt that being a big corporate CEO is the best possible gig any human could want. Think about it:
1. you can demand millions for salary.
2. You don't have to be at all competent.
3. When you quit at your pleasure you can cash in on the severance package you negotiated before agreeing to drive said company into the ground.
Millions in salary, not having to worry about actually doing the job, and then being able to quit without ever hacving to think about working again? Sign me up! I'm surprised more people aren't CEOs.
-Marty
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