executive pay

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BP CEO Shouldn't Get 20% Raise After $5.2B Loss: Investors

But vote's nonbinding, so looks like Bob Dudley will get his full bonus

(Newser) - Oil giant BP lost $5.2 billion last year, but the company somehow saw fit to propose maximum bonuses for 2015 for its top executives, including a 20% pay increase for CEO Bob Dudley—a proposal that 59% of shareholders roundly rejected by proxy vote at Thursday's annual meeting,... More »

CEO Upped Salaries to $70K. But Were His Reasons Pure?

Karen Weise of Bloomberg Businessweek takes a hard look at Dan Price

(Newser) - This spring, Seattle-based Gravity Payments CEO Dan Price became an instant sensation when he announced that he would be cutting his roughly $1 million salary to ensure that all 120 of his employees would be paid a minimum salary of $70,000. "It’s not about making money; it’... More »

CEO 'Reconsiders' Job Offer, Gets $1.8M Anyway

Thank goodness for severance pay

(Newser) - Cosmetics and fragrance maker Coty says Elio Leoni Sceti, who was scheduled to become its CEO in about a week, decided not to take the job ... but the company will still pay him $1.8 million in severance as well as buy back preferred stock he had bought. The company... More »

Why the '$70K' CEO Is Cool With Losing His $1M Salary

Dan Price says his life is pretty simple

(Newser) - Gravity Payments CEO Dan Price has been lauded since news broke that he's gradually raising the minimum salary for his company's employees to $70,000—but what will it be like for Price to live on $70,000? That's what he, too, will be making, down from... More »

$8.25M Bonus Was Too Small: Ex-Goldman Trader

Deeb Salem told his mom to expect $13M

(Newser) - That sound you hear is the world's tiniest adding machine crunching out a sad song for Deeb Salem. The former Goldman Sachs trader is taking the firm to court, arguing that it didn't give him a big enough bonus in 2010, when it awarded him a mere $8.... More »

GM's New Female CEO Receives Major Pay Package

Mary Barra will take home $14.4M this year

(Newser) - General Motors says new CEO Mary Barra will get a pay package worth $14.4 million this year—a 60% increase over the pay of Dan Akerson, who she replaced last month, CNN Money reports. Barra is the first woman CEO of a major global automaker. She'll get $1.... More »

JC Penney CEO Gets 96% Pay Cut

Ron Johnson made less than $2M in 2012

(Newser) - Let's just say Ron Johnson's 2012 was not quite as good as his 2011. The JC Penney CEO worked just two months in 2011 and got $53.3 million for his troubles, the vast majority of it in stock; but last year his compensation was slashed a staggering... More »

JPMorgan Cuts CEO Dimon's Pay in Half—to $11.5M

Meanwhile, traders at Morgan Stanley get IOUs

(Newser) - That sound you're hearing is probably Wall Street's tiniest violin playing for Jamie Dimon. As many expected , JPMorgan Chase's board slashed the CEO's salary in response to the "London Whale" disaster, dropping his incentive pay a backbreaking 53.5% to $10 million, leaving him a... More »

Tim Cook's Salary Jumps 51%

... But pay remains well shy of massive 2011 figure

(Newser) - On paper, Tim Cook's total pay fell by around $374 million this year—even though his salary jumped 51%. According to a new regulatory filing, Cook's total compensation for 2012 is valued at $4.17 million, Bloomberg reports. That may not sound like much next to the $378... More »

26 Big Firms Paid More to CEOs Than to US in Taxes

New study blasts corporate tax code

(Newser) - A new study that might set your blood boiling finds that 26 large US companies, each of which generated an average of more than $1 billion in net income last year, paid more to their CEOs than they paid to the federal government in taxes last year. The CEOs received... More »

GE Exec to Be Paid $89K a Month ... to Not Work

John Krenicki gets cushy package in return for non-compete

(Newser) - John Krenicki, a vice chairman at GE, is leaving the company ... and in exchange for agreeing not to work for a competitor any time in the next three years, he's getting paid $89,000 per month until 2022. That's more than $1 million per year, the Wall Street ... More »

This Man Makes More Than You Would in 3.5K Years

David Simon's 2011 pay package worth more than $137M

(Newser) - You might want to wait to read this until you're somewhere it's OK to scream: It would take the average American worker 3,489 years to make as much money as one top CEO took home in just one year. David Simon of shopping mall developer Simon Property... More »

Citi Shareholder Revolt Bad News for Other Big Banks

Wells Fargo, Bank of America may have reason to worry

(Newser) - Now that shareholders have rejected Citigroup CEO Vikram Pandit's $15 million pay package, all eyes are on Wells Fargo and Bank of America, both of which are holding their own "say on pay" votes in the coming weeks. The votes are required as part of post-financial crisis financial... More »

Shareholders to Citi CEO: No $15M Payday for You!

'There's good pay, and there's obscene pay'

(Newser) - Do you think Citigroup CEO Vikram Pandit deserves to make $15 million? Neither do Citi's shareholders, who yesterday voted against a proposed pay package for the company's top five executives that would have given Pandit that payday, the New York Times reports. It's one of the few... More »

Number of CEOs Making $50M+ Climbs

May have been higher than ever last year

(Newser) - Two more executives last year joined what USA Today calls the "$50 Million Club," the group of executives who—you guessed it—make $50 million or more per year. Annual proxy statements filed this week show that compensation for Occidental Petroleum's Ray Irani was valued at $80.... More »

Inside Bankers' 'Malaise' Over Slashed Bonuses

Wall Street workers finding it difficult to get by, or so they say

(Newser) - Wall Street bankers received smaller bonuses this month, and it is really hard for them. If you're having trouble dredging up any sympathy, perhaps that's because you just don't understand what it's like to be in the 1%: "People who don’t have money don’... More »

Terminated CEO Waives $100M Payout

Eugene Isenberg would have donated severance pay to charity

(Newser) - Eugene Isenberg probably managed to sidestep some of the ire of the 99% with this decision: The former CEO of Nabors Industries agreed to waive his $100 million termination payment when he was replaced as chief executive. Isenberg, who will be kept on as chairman, "certainly didn't need... More »

Netflix Boss' Stock Options Cut in Half

Reed Hastings pays for battered share price

(Newser) - Netflix CEO Reed Hastings is paying the price for the price hike / Qwikster debacle that has sent the company’s share price down 75% since July. Hastings' annual stock option allowance will be cut by 50%, bringing it to $1.5 million, the company revealed in a regulatory filing... More »

We Are the 99%? Try 99.9%

GOP policies really favor richest thousandth of population: Paul Krugman

(Newser) - Occupy Wall Street’s “We are the 99%” slogan is a pretty good one, but if anything it “aims too low,” writes Paul Krugman in the New York Times . “A large fraction of the top 1%’s gains have actually gone to an even smaller group,... More »

Swallow This: Executive Pay Jumped 23% in 2010

The median pay was $10.8M

(Newser) - We know CEOs have it good ... but this good? The New York Times had executive pay data firm Equilar analyze bigwigs' 2010 compensation, and what Equilar found wasn't just a gain. It was a big, big gain: a 23% boost over 2009, with the median pay for chief executives... More »

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