HiTech
Well-Known Member
Many of us are well aware of the antics stemming from the CEOs from AIG, Merril Lynch and other troubled and failing companies. Well, let's add to the list, Office Max .... read on:
OfficeMax disclosed that its CEO, Sam Duncan received compensation valued at $4.1 mllion last year. His base salary rose 5%, and his compensation included $5,000 for personal financial counseling, $9,200 for an annual physical exam, and $46,000 for personal use of the company's plane.
In return for his 2008 compensation, Duncan led his company to lose $1.66 billion. Stock prices fell about 60%, dividends were suspended, and the company's pension plan is currently underfunded by $435 million and frozen. And in a move that might be characterized as ironically unbelievable, OfficeMax, under Duncan's leadership, hired former Circuit City CFO Bruce Besanko in January to make the financial decisions that will determine Office Max's future. Do we need a Magic 8 Ball to tell us what that future might be? *
* About.com: Retail Industry
In the meantime, I'm required to complete an annual job performance review that consists of no less than 8 pages of self-analysis, performance improvement areas, setting goals and timelines. And the best part is the employer informs us that there are no raises this year! Kind of makes doing a performance review a very moot point!
The two choices I see offered from corporate America are:
1. Do your job well or better yet, beyond well and you get to keep it provided you contribute more financially towards fringe benefits and asborb extra duties from positions that have been liquidated. Eat, sleep, work, die!
2. Work in top-level management making unsound, high-risk decisions, delegate tasks to and blame the corporate underlings, focus on personal compensation despite the economical climate of the company and its employees, and deceive the stockholders. Eat, sleep, play, lie!
OfficeMax disclosed that its CEO, Sam Duncan received compensation valued at $4.1 mllion last year. His base salary rose 5%, and his compensation included $5,000 for personal financial counseling, $9,200 for an annual physical exam, and $46,000 for personal use of the company's plane.
In return for his 2008 compensation, Duncan led his company to lose $1.66 billion. Stock prices fell about 60%, dividends were suspended, and the company's pension plan is currently underfunded by $435 million and frozen. And in a move that might be characterized as ironically unbelievable, OfficeMax, under Duncan's leadership, hired former Circuit City CFO Bruce Besanko in January to make the financial decisions that will determine Office Max's future. Do we need a Magic 8 Ball to tell us what that future might be? *
* About.com: Retail Industry
In the meantime, I'm required to complete an annual job performance review that consists of no less than 8 pages of self-analysis, performance improvement areas, setting goals and timelines. And the best part is the employer informs us that there are no raises this year! Kind of makes doing a performance review a very moot point!
The two choices I see offered from corporate America are:
1. Do your job well or better yet, beyond well and you get to keep it provided you contribute more financially towards fringe benefits and asborb extra duties from positions that have been liquidated. Eat, sleep, work, die!
2. Work in top-level management making unsound, high-risk decisions, delegate tasks to and blame the corporate underlings, focus on personal compensation despite the economical climate of the company and its employees, and deceive the stockholders. Eat, sleep, play, lie!