Wednesday, April 26, 2006

CEO Pay Versus The Working Man's Pay

You've got to read this article about the escalating rate of pay for today's CEO.

Leaders lead by example. Leaders lead because that's their job. A CEO is a leader. At least, a CEO is supposed to be a leader. Earning 430 times more than your average employee is not the sign of a good leader. Here's an example of the greed.

"Lee Raymond of ExxonMobil is CEO Public Enemy No. 1 these days since his astonishing retirement and pay packages are coming to light at the same time the nation is struggling with gasoline prices heading north of $3 a gallon. Are we paying for the high price of oil or simply digging deeper to cover Raymond's $144,000-a-day paycheck?"

For those counting at home, that's more than $52 million per year. What did he do to earn $52 million? We'll never know.

I've said it too many times already, but it's never enough. Pay for performance. Make the man earn it. Make him become a leader.

By contrast, over the last five years.....the three lowest paid CEO's for all Fortune 500 companies earned just over $1.5 million COMBINED during that period. The CEO's; Warren Buffett of Berkshire Hathaway, Jeff Bezos of Amazon, and Eric Schmidt of Google. Three of the most successful companies in the world. They're rich, but they're worth is tied to the success of the company. They own lots of shares in the business. If the business prospers, they prosper.

That's what I call leader.

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