Page 1 of 3 123 LastLast
Results 1 to 20 of 50

Thread: Failed CEO still getting paid.

  1. #1

    Failed CEO still getting paid.

    Getting paid for failure.

    [QUOTE]CEO of troubled Sprint got $40 million in pay last year
    Posted on Friday, March 28, 2008 email | print tool nameclose
    tool goes here
    Ousted Sprint Nextel chief executive officer Gary Forsee received $40 million during 2007 ó and heíll get about $1 million annually for as long as he lives.

    Those were two of the disclosures in Sprintís proxy statement filed Thursday with the Securities and Exchange Commission. The proxy showed the pay, bonuses, stock, severance and other benefits provided last year to Forsee and other top executives of the Overland Park wireless company.

    Under mounting pressure from disgruntled investors and Sprintís board of directors, Forsee resigned as the companyís chairman and CEO in October. Since then, Sprint shares have dropped by nearly 65 percent.

    Read the full story at KansasCity.com.[/QUOTE]

  2. #2
    Everyone negotiates their compensation for taking a job. If you (and the shareholders) find such compensation objectionable, perhaps they need to look at themsleves, i.e. the Board of Directors that hired him, and gave him that deal.

    Every single one of us would take 1 Mil a year after getting canned. Every single one of us.

  3. #3
    True!, but...
    We're pretty much sniffing for scraps. :eek:

    Can't wait for 08 JETS Season. :yes:

  4. #4
    Undrafted Free Agent
    Join Date
    Feb 2004
    Location
    Seymour TN
    Posts
    170
    Yep always have been working for scrapes
    And always will!:mad:

  5. #5
    Hall Of Fame
    Join Date
    Oct 2007
    Location
    Dallas Via Brooklyn NY
    Posts
    3,159
    Screw it the people who work in that company don't need raises anyhow. Screw them all.

  6. #6
    Raises? They're luck they don't get their job outsourced.

  7. #7
    Hall Of Fame
    Join Date
    Oct 2007
    Location
    Dallas Via Brooklyn NY
    Posts
    3,159
    Either way screw em thats the american way right :)

  8. #8
    Rich elderly people are still getting their SS checks.

  9. #9
    Jets Insider VIP
    Join Date
    Feb 2006
    Location
    Van down by the river
    Posts
    22,963
    Obviously, this guy is a skilled worker. So skilled, in fact, that even if he does a sh** job, he should still make a million a year. This guy must be some sort of corporate genius.

    He's been president and vice-president of a lot of important sounding stuff.

  10. #10
    Hall Of Fame
    Join Date
    Apr 2003
    Location
    On some beach... somewhere...
    Posts
    3,735
    [QUOTE=cr726;2455261]Getting paid for failure.[/QUOTE]

    Hey may have failed at CEO but he is clearly a success at negotiating his pay structure.

  11. #11
    Isn't that awesome, he will pass on the losses to the consumer. Good for him.

    [QUOTE=JetFanTransplant;2455479]Hey may have failed at CEO but he is clearly a success at negotiating his pay structure.[/QUOTE]

  12. #12
    Hall Of Fame
    Join Date
    Apr 2003
    Location
    On some beach... somewhere...
    Posts
    3,735
    [QUOTE=cr726;2455489]Isn't that awesome, he will pass on the losses to the consumer. Good for him.[/QUOTE]

    Sure, sucks for the consumer, but if you were in his shoes are you suggesting you would give the money back? :rolleyes:

  13. #13
    It's not outrage.....it's jealosy, pure and simple. CR is pissed because he (like most of us) lack the skills to make that kind of money, or earn those types or pre-guaranteed bank-breaker deals in our own employment lives.

    So since he can't make it, he'll whine about how unfair it is that someone else CAN make it......pure liberal-socialism thought at it's very best. Class Warafre is the heart of Liberal-Socialism.

    Guaranteed, if CR (or anyone else) was a CEO-type, they wouldn't be *****ing (and they most certainly wouldn't be wasting their days posting here).

  14. #14
    Would you know me if you saw me in the street? No. But, now you know what I am thinking and how I feel about people making money? I am a civil servant by choice, I know and investigate a ton of people in the corporate world and guess what. There isn't much of difference between a street hood and a CEO of a company.

    Money corrupts people pure and simple.

    I care about the greater good and corporate America could care less, they care about getting paid today and hoping the board is dumb to sign off on these ridiculous deals. He was 40 million when he left, I guess that isn't enough. Put something in writing that the continual payment of 1 million per year comes out of the board members' pockets and things will change until then spare me your BS.


    [QUOTE=Warfish;2455510]It's not outrage.....it's jealosy, pure and simple. CR is pissed because he (like most of us) lack the skills to make that kind of money, or earn those types or pre-guaranteed bank-breaker deals in our own employment lives.

    So since he can't make it, he'll whine about how unfair it is that someone else CAN make it......pure liberal-socialism thought at it's very best. Class Warafre is the heart of Liberal-Socialism.

    Guaranteed, if CR (or anyone else) was a CEO-type, they wouldn't be *****ing (and they most certainly wouldn't be wasting their days posting here).[/QUOTE]

  15. #15
    I haven't said he should give it back. I am just showing time and time again CEO's walk away as a failure and they are rewarded. Board members are typically other CEO's and it is a friend of a friend who make these ridiculous deals and the consumer and workers get screwed time and time again.


    [QUOTE=JetFanTransplant;2455493]Sure, sucks for the consumer, but if you were in his shoes are you suggesting you would give the money back? :rolleyes:[/QUOTE]

  16. #16
    bandwagon
    Guest
    [QUOTE=Warfish;2455510]It's not outrage.....it's jealosy, pure and simple. CR is pissed because he (like most of us) lack the skills to make that kind of money, or earn those types or pre-guaranteed bank-breaker deals in our own employment lives.

    So since he can't make it, he'll whine about how unfair it is that someone else CAN make it......pure liberal-socialism thought at it's very best. Class Warafre is the heart of Liberal-Socialism.

    Guaranteed, if CR (or anyone else) was a CEO-type, they wouldn't be *****ing (and they most certainly wouldn't be wasting their days posting here).[/QUOTE]

    So are you saying that liberal-socialism is motivated by pure and simple jealosy? I think the people who work for Verizon and their stockholders might disagree. I always find it amusing when the biggest supporters of pocket padding corporate conservatism are the little guys. They really are laughing all the way to the bank.

  17. #17
    All Pro
    Join Date
    Apr 2003
    Location
    London, Ontario
    Posts
    6,889
    [QUOTE=Warfish;2455510]It's not outrage.....it's jealosy, pure and simple. CR is pissed because he (like most of us) lack the skills to make that kind of money, or earn those types or pre-guaranteed bank-breaker deals in our own employment lives.

    So since he can't make it, he'll whine about how unfair it is that someone else CAN make it......pure liberal-socialism thought at it's very best. Class Warafre is the heart of Liberal-Socialism.

    Guaranteed, if CR (or anyone else) was a CEO-type, they wouldn't be *****ing (and they most certainly wouldn't be wasting their days posting here).[/QUOTE]

    Sorry Fish, what does this have to do with Socialism? In a word, I would say zero.
    Your right, the guy made the negotiations, and if we could, we all would. But you have to admit that this is a ridiculous contract that a Board of Directors should never sign. As a shareholder (if I was, but I am not) I would be outraged at this. Things will change in this regard, because it is mind-numbingly obvious that Boards should not be agreeing to contracts like this.

  18. #18
    Hall Of Fame
    Join Date
    Apr 2003
    Location
    On some beach... somewhere...
    Posts
    3,735
    [QUOTE=CanadaSteve;2455731]Sorry Fish, what does this have to do with Socialism? In a word, I would say zero.
    Your right, the guy made the negotiations, and if we could, we all would. But you have to admit that this is a ridiculous contract that a Board of Directors should never sign. As a shareholder (if I was, but I am not) I would be outraged at this. Things will change in this regard, because it is mind-numbingly obvious that Boards should not be agreeing to contracts like this.[/QUOTE]

    Mind numbingly obvious to you. Maybe the Board felt this was "their guy" and made him an offer to secure "their guy."

    You don't know what went on in the board room. You don't know how the negotiations went. You don't know what the CEO search was like.

    Maybe the Board felt it was worth the risk to bring in the player they wanted.

    That being said, it's just a likely that this was a "good ole boy" network deal.

    I guess we won't know until the board get grilled about it.

  19. #19
    [QUOTE=cr726;2455613]Would you know me if you saw me in the street? No. But, now you know what I am thinking and how I feel about people making money? I am a civil servant by choice, I know and investigate a ton of people in the corporate world and guess what. There isn't much of difference between a street hood and a CEO of a company.

    Money corrupts people pure and simple.

    I care about the greater good and corporate America could care less, they care about getting paid today and hoping the board is dumb to sign off on these ridiculous deals. He was 40 million when he left, I guess that isn't enough. Put something in writing that the continual payment of 1 million per year comes out of the board members' pockets and things will change until then spare me your BS.[/QUOTE]

    I think you are being intellectually dishonest on this issue. Sorry, but thats what I think. I think you "choose" to be a civil servent, sure, but I think you are deeply and aggressively jealous that your choice doesn't result in the same kind of compensation this guy negotiated for himself, and as such you don't think ANYONE should get it.

    Which is funny, cause I never see you whining about how much pro football players (for example) are paid, a good percentage of whom do far far less, and get paid far far more. Odd, eh?

    And really, no difference between CEO's and Street Hoods, eh? That statement alone shows the level of your insanity on this issue.......

    Put simply, a company made a deal, and this guy took advantage of it. End of story. As someone said to me the other day "If you don't like it, I suggest you buy the company and do things differently youruself".

    Till then, it's whiney, petulent jealousy, gurning from the civil servant sidelines, plain and simple.

    You say I'm giving you BS. Fine, but spare me your so-transparant BS "moral stand" argument. If someone handed you a cool mil a year for the rest of your life, I GUARANTEE you wouldn't turn it down. And yes, I AM saying I know you well enough to guarantee it.

  20. #20
    [QUOTE=bandwagon;2455620]I think the people who work for Verizon and their stockholders might disagree.[/QUOTE]

    And I think the perople who work for Verizon have the freedom to find other employ if they disagree with hor their comapny is run, or better yet, start up a competitor and do things the "right way" paying your CEO $50K a year....and see how well you compete.

    As for the shareholders, they too have the freedom, to vote for the board of directors, and if that isn't enough, to sell their shares and instead invent in another, better-run, company they agree with. Perhaps the new Verizon compeitor with the $50K a year CEO.

    Somehow I doubt this issue will cause too many resignations or selloffs, but hey, we can't always be right when we whine incessantly about an issue from the ivory tower comfort of our sideline forums, eh.

Bookmarks

Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts
  •  

Follow Us