Pay for Performance? No Thanks, I’m a CEO

[Omaha Steve]

http://www.afscmeblog.org/2009/04/30/pay-for-performance-no-thanks-im-a-ceo/?__utma=1.2346843193277722000.1237762290.1241480565.1241484227.28&__utmb=1.3.10.1241484227&__utmc=1&__utmx=-&__utmz=1.1241204856.26.11.utmcsr=google|utmccn=(organic)|utmcmd=organic|utmctr=make%20america%20happen&__utmv=-&__utmk=199820462

April 30th, 2009

Did you know that Citigroup CEO Vikram S. Pandit raked in a sweet $38 million in total compensation last year while running his company to the ground? Let’s not forget that Citigroup has already received $45 billion in federal bailout funds. It isn’t a coincidence that AFSCME has made repeated calls for more accountability at the company.

Or what about FedEx Corp. CEO Frederick Smith, who earned more than $10 million in total compensation in 2008? Smith, by the way, is an active opponent of unionization for his employees. While he gets a more than generous salary, FedEx Ground classifies its drivers as independent contractors so it doesn’t have to provide them with basic benefits such as health care coverage.

Despite the worst economic crisis since the Great Depression, companies continue to reward CEOs for poor performance. Haven’t these people learned their lesson? See for yourself at the AFL-CIO’s 2009 Executive PayWatch website which documents these and other outrageous examples of CEO behavior.

And while you’re at it, make sure to visit the special section on companies that lobby against their workers’ right to form a union. Also, click on the link on pay practices at other companies that have received taxpayer assistance.

You’re bound to be (unpleasantly) surprised, but this is also why AFSCME has taken the lead in the fight against corporate greed and protecting workers’ pensions. Learn more about AFSCME’s shareholder activism here.