CEOs At Top 50 Companies That Laid Off Most Workers Raked In Millions In Compensation

From ThinkProgress:

The Institute for Policy Studies (IPS) released its annual report on executive compensation today — “CEO Pay and the Great Recession.” “I’m afraid that this year’s report will raise just about everybody’s blood pressure,” lead author Sarah Anderson said. Indeed, the report found that “CEOs of the 50 firms that have laid off the most workers since the onset of the economic crisis took home nearly $12 million on average in 2009.” Those CEOs’ combined compensation totaled $598 million, while at the same time, their companies eliminated 531,363 jobs despite reporting a 44 percent average profit increase for 2009.

4 Comments

  1. Laying off your work force is a great way to temporarily raise your bottom line and avoid one or two lackluster quarters that might only net you a… 20% increase in profits. Support your local conglomerate! Quit your job today!

    1. It also makes the company’s stock look more inviting to potential investors. Then a few months later when the remaining overworked employees reach their breaking point and the company’s product quality takes a dive, the stock dips again. “Whoopsy! Thanks for playing. Come back soon!”

      -Bastards!

  2. It’s a bit of a meaningless statistic, really. A CEO who turns a bloated, failing company into a success story in part by cutting jobs is only a villain if the company’s prior failures were that CEO’s own fault – even if your priority is employment rather than profits or dividends (since a company that fails costs more jobs than a company that would have failed without trimming). A CEO who has to cut jobs to keep the company profitable because it has failed to keep ahead of the market due to bad management decisions is a bad manager. And a CEO who cuts jobs (as Barry suggests) to trim a few numbers on a balance sheet in the short term is at best negligent.

    The figure is provocative, but not constructively so. CEOs who take home huge bonuses despite failing to increase company value or benefit anyone at all in any other way, however, deserve no quarter. (I’m looking at you, Tony Hayward. Though you’re in illustrious company.)

  3. Why aren’t we all getting out our pikes, pitch-forks, tar, feathers, rails, etc.? Workers in other countries would never put up with what we Americans do. Why?

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