AOL nearly halved its chief executive officer's compensation for the year ended 31 December 2010. Tim Armstrong was handed $15.3m in salary, stock awards and options last year, compared with a hefty $25.5m reward in 2009, according to a regulatory filing with the US Securities and Exchange Commission published yesterday. His …
900 Fired Employees
I'm sure they are all very happy that the poor CEO is slumming it like the rest of them on a mere $15m package this year after he oversaw a mere $782m loss.
It never fails to enrage me hearing about crap like this.
A poor guy down in the engine room gets fired for temporarily taking down a non-mission-critical service due to poor change control...and this MUPPET...probably with a penchant for the words like "synergy", "Vertical markets", "soluitionize"...get paid a whacking great salary *even after* running up a massive loss???
JUST FUCKING FIRE HIM!
just a thought...
But if your CE's annual wage is a measurable percentage of the company's annual loss (roughly 2%), then there's something wrong with your renumeration system. Surely replacing him with someone else would be a better idea - I'd happily do the job for less than a million, and it'd also free up $14 million, which could go towards paying off debt or even keep around 300 employees on the rolls (assuming an average wage of $50k)
Only 15mil pa...
...hardly worth getting out of bed for.
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