Posted by Jack Lee
For some corporate honcho’s life isn’t so bad despite ever decreasing company valuations and employee layoffs.
Take for instance the CEO of American Express, Kenneth Chennault, he did real well last year even though his company didn’t. His base salary was a mere $1,238,500 and of course we couldn’t expect him to live on that chicken feed so his Board of Directors gave him $10.8 million in benefits and $30.75 million in stock options.
In 2004 the company stock was worth $47 a share, but under the sure hand of Mr. Chennault the stock has climbed, er…uh, I mean dropped to $35?
Well, the bright side is Mr. Chennault was able to get a fat raise this year and another $40 million in compensation. He’s has taken about $120 million of company cash and benefits in the last 3 years while the common stock has drifted ever lower. But, who cares about the common stock or for that matter the common people …”LET THE EAT CAKE!” They are not part of his world anyway unless they are on his domestic staff.
Let us pause to remember that being a highly compensated CEO these days isn’t really all that easy. I’m sure they find the little people with all their squallier, misery and trying to live from paycheck to paycheck downright depressing and laying them off to maintain an opulent CEO lifestyle has to be a real drag at the company Christmas parties.