How about a #MeToo movement for executive compensation?
No joke. Corporate America has abused shareholders for too long. They have made a mockery of fairness, taste and responsible capitalism.They have no more idea of proper incentives than Harvey Weinstein had of employee relations.
Their unceasing grabbing of tens of millions of other people’s (their shareholders’) money bespeaks a single phrase: the arrogance of power. They need a reset.
General Electric brought this to mind — the company that just, and for the second time in a year, replaced its CEO. It hired Lawrence Culp, a former CEO of Danaher, as chief executive. Without blushing, GE awarded Culp a contract that could be worth $300 million over the next four years. Even for mediocre performance, Culp should take home $85 million. If those numbers don’t shock you, you have been spending too much time reading the business pages.