In my career, I tend to run across some interesting statistics. More importantly, I tend to keep a pretty good feel on the pulse of corporate America, and the issues that they tend to be up in arms over. The following stats are taken from a corporate research paper - not an email forward complaining about the cost of gas.
In 2005, Lee Raymond, the former CEO of Exxon Mobil, was paid $34,457 per hour*.
In 1993, Lawrence Rawl, the CEO prior to Lee Raymond, and who retired on May 31, 1993, was paid $1,508 per hour*.
That’s a 2,184.95 percent increase.
Is Lee Raymond 22.85 times better a CEO than Lawrence Rawl? Is the company 22.85 times harder to run?
Total compensation for Lee Raymond in 2005 was $70,134,830.
Total compensation for Lawrence Rawl in 1993 was $2,929,056, based on annualized annual compensation of $2,279,707, plus long term compensation of $649,349.
I am not calling on all five of my readers to boycott gas, or write their Congressman, but simply to ponder these statistics and wonder what happened? When you are thinking about one-uping the neighbor with a bigger house, or truck, or vacation, think about ExxonMobile. Their standard response over the last 13 years has been that they pay to obtain and retain the best talent with a commensurate market rate.
Maybe it is time that society chills out and stems the tide of one-upmanship that has led to this type of ridiculous excess. Fat Bastard - I want my money back!
1 comment:
Another one that gets is Matt Oumiet, the CEO of Starwood Resorts. They pay him something like $4.4 million a year AND since he needs t commute back and forth between his home in CA and the offices in NY, they geive him a stipend of $1.5 MILLION a year for airfare. The Board of Directors at Starwood should all be thrown out.
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