One of the reasons for out economic malaise is the utter greed of those who lead our companies.
Came across an article in the October 11th Chicago Tribune about Walgreens CEO Jeffrey Rein who left the chain. This is a man who like so many CEOs these days has a tenure of only a few years. One who comes in, shakes up a company, messes it up, and then takes off with his golden parachute.
In the past, Walgreens has always promoted from within, until now. Rein immediately began hiring senior executives from the outside, taking on debt, and wildly buying other drug companies.
Rein was the fourth CEO of Walgreens in the past ten years. Charles Walgreen, III, ran the company for thirty years before that. Unfortunately, there was nothing about Rein's "retirement" package.
ON THE SAME PAGE
On the same page was the "severance" package for United CFO Jake Brace, who pocketed more than $2.4 million. He led United through "a long and painful restructuring." Among other things, he ended the company's pension program.
For his "efforts", Brace received $10.3 million in 2006. Plus, he is getting lots and lots of stock options which he can hold on to for eight more years.
These Guys Seem to ONLY Be Thinking of Themselves and Not the Companies They Lead. --RoadDog
Being an account of some things I'm interested in, what I'm doing, and reflections on my past, especially music.
Listen to this man. Seven years of college, you know. Trying to reason with 2020 and, now, 2022.
No comments:
Post a Comment