CEOs Who Fired More, Earned More in '09: Stud

[kpete]

Source: CNBC

CEOs Who Fired More, Earned More in '09: Study
Published: Wednesday, 1 Sep 2010 | 6:43 AM ET
By: Reuters

As U.S. companies shed millions of workers during the recession, the CEOs who laid off the most people brought home pay that was significantly higher than that of their peers, a study released Thursday found.

The CEOs of the 50 U.S. companies that laid off the most workers between November 2008 and April 2010 were paid $12 million on average in 2009, or 42 percent more than the average
across the Standard & Poor's 500, according to a study by the Institute for Policy Studies, a Washington think tank.

The companies in the list range from ones that were hard hit by the slump, such as General Motors and Citigroup (C 3.825 0.116 (+3.13%) ), to better-positioned businesses including Verizon Communications (V 70.3706 1.3906 (+2.02%) ) and Caterpillar (CAT 68.14 2.98 (+4.57%) ).

The cuts also came at a time when the companies were increasing profit -- 72 percent of companies announced planned layoffs even while earnings were rising, the study found.

Read more: http://www.cnbc.com/id/38949303

[mike r]

1. Maximizing shareholder value

a.k.a. the CEO's bank account.

[SpiralHawk]

2. "Shock & awe, baby. Smirk." - RepubliCorporatistas (R)

[Uncle Joe]

3. This is the war between Wall Street and Main Street, with the former

vision based on gambling and embezzlement while the latter is tied to work and investment.

Thanks for the thread, kpete.

[bullpit]

4. It certainly appears to be true

that in America, the well being of the few will always outweigh the well being of the many.

[OhioChick]

5. Something terribly wrong with this picture n/t

[Retrograde]

6. It makes them appear firm and decisive without actually doing anything hard

like analyzing what their business is actually different. I know of a (now defunct) company whose CEO would dramatically announce massive layoffs every year, then approve hiring until the company got back to its former staffing, without doing anything to the basic structure or business model. And, yeah, he got a golden parachute when the company was taken over.

[Q3JR4]

7. Well, yes. This isn't a surprise.

The only surprise is that it took them this long to figure it out.

Q3JR4.