Category: Rewarding Failure

$15 Million and Fired in Eight Months

A former Target marketing executive, hired last October to turn around old-line discount retailer JC Penney’s, was fired this week. Michael Francis had been a successful marketing executive at Target and came to Penney’s amid great expectations. As president he…

$65 Million After Cutting 7,000 Jobs

June ushered in a new CEO for AstraZeneca, the U.K.-based global biopharmaceutical company which ousted David Brennan for years of poor results. “Ironically, just a month ago, Brennan received an 11 percent pay raise” from the same board of directors.…

“Chutzpah in the C-Suite”

Dec. 23, 2011 – A recent Public Affairs Council survey said the American public “has a good opinion about business in general but not of its leadership. Chief executives got low scores for fairness, honesty and ethics,” as reported in…

New York Times CEO Takes Millions To Go

Dec. 16, 2011 – In a surprise move, Janet Robinson, the CEO of the venerable New York Times Co. resigned. As she left, the company gave her a $4.5 million consulting agreement for one year, apparently intended as a severance…

“Pay for Failure” Contracts Irk Shareholders

Nov. 1, 2011 – The practice of rewarding chief executives with wealth has been around since the 1970’s, when corporations would create what became known as “golden parachutes.” These and other tactics, called poison pills, were meant to discourage hostile…

Five Most Overpaid CEOs

Sept. 28, 2009 – The value of Abercrombie & Fitch dropped by 2/3rds and more than $50 per share in 2008, yet CEO Michael Jeffries “was awarded total compensation of $71.8 million, with a base salary of $1.5 million. .…