More CEO Shenanigans
I know this is a lean blog, not CEO watch, but I can't help pointing out this article from Fortune. CEO's love to talk about “pay for performance.” What happens when they get paid on fudged performance and cooked books? Mostly, they get to keep it.
The popular culture is outraged that Barry Bonds, a “cheater” is about to pass Babe Ruth. His records shouldn't count, some say.
Shouldn't we be more upset about CEO's, our corporate leaders, cheating and taking bonuses they shouldn't have been entitled to?
- Frank Dunn, Nortel: $5.7 million bonus, overstated revenue by $1.2 billion
- Hank Greenberg, AIG: $19.5 million bonus, overstated profit by $3.9 billion
- Sanjay Kumar, Computer Associates: $300 million bonus, overstated revenue by $2.2 billion
- Scott Livengood, Krispy Kreme: $1.6 million bonus, overstated profit by $22 million
The law makes it tough, in certain ways (read the article) for corporations to get the money back after the financial restatements.
What do you think? Scroll down to comment or share your thoughts and the post on social media. Don't want to miss a post or podcast? Subscribe to get notified about posts via email daily or weekly.
- Alternative History: Toyota's CEO Accelerates Lean Healthcare Improvement in the 2000s - February 7, 2023
- When Burnout Turns to Moral Injury for Healthcare Clinicians - February 6, 2023
- Jody Crane, MD: Lean in Emergency Medicine and Hospitals; 3 Big Issues Causing Tough Times in Healthcare - February 1, 2023