According to the Associated Press, Kevin Mansell, head of Kohl's, Inc., received nearly 9 million last year --down 22 percent from the year before. The bulk of his $11.6 millions in 2008 came as stock options when he was promoted to CEO (Chief Exec. Officer.)
Why do corporate boards do this? Do they really think they couldn't hire a guy for half a million who would be as good as the 9 million a year guy?
I hope Kohls has good benefit and retirement packages for their people. I do believe in business being the provider for their employees --and not the gov't as much.
We are better off when people work for a living and pay taxes --than when they calculate that the gov't should take care of them and will. Of course, the managers and corporate heads deserve to profit from their skills and their years of study, their experience and their MBA degrees. But 9 million dollars a year???? 2 million for the heads of medical corps?
Gee willikers --they WILL work for less --and think what the company could do if they put that money into daycare for employees and exercise rooms, diet plans, etc.? They could help their employees and hire more people.
I call on corporations to help the American economy, starting at the top --before government thinks they can do better --which is what they think now! as they cultivate the non-workers' sense of entitlement to the workers' pay in a nanny nation.
"God is not willing that any should perish, but that all should come to repentance and have eternal life."--the Bible
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The founder (and as far as I know)the owner of Kohl's is Herb Kohl, senator from Wisconsin.
I have been boycotting Kohl's for several years now due to his liberal voting record.
Besides, if you want to find clothing there and are looking for slacks or jeans everything is geared to the younger folks with the low waist line.
I just don't go to the stores, but I guess you could send an email to Sen. Kohl and ask him why he pays so much to his CEO. It's probably because the man has turned a huge profit for the company and it takes that much to keep him and not lose him to another corporation.
That's how capitalism works. The bosses get rich and most of the workers get minimum wage or a bit better. If they don't like their pay they look elsewhere. Everyone does it.
I commented on this elsewhere --that the wage of the CEO compared to the starting wage of his company, was 35 to 1 in some past years --and now is over 200 to 1. Imagine, you make $10 an hour and your CEO makes about $2500 an hour--whether or not the company profits or lays people off or has to downsize. he gets his contract fulfilled.
Nobody needs those kinds of wages. I read last night (it's upstairs or I'd quote it) about one woman who has been railing against these CEO incomes for some time. I'm with her.
I'm for RESPONSIBLE free enterprise --where a man can make as much as his product can make for him --BUT, he makes sure he hires and helps his employees in the good and bad times --I like the idea of daycare and hiring welfare moms --hiring men so they can afford to marry and raise their kids. Providing health and dental benefits and pensions.
Unions try to demand these things --even when the company does poorly--and the CEO's and upper management demand a literal "killing" in income --even when the company does poorly.
It's no wonder the gov't wants to step in --and did --but what a lousy job!!! And cash for clunkers was the stupidest idea when they junked good cars that the poor need. And why did we not get concessions on these salaries when we bailed out companies? The Gov't subsidized CEO pay! Ridiculous!
It's no wonder Obama's ratings are down--they have done some really dumb things!
My cousin's estranged wife works for Wal-Mart. Without a union there she has a 401(k)plan, insurance benefits and retirement pensions have gone by the wayside in the past 10-15 years.
Most people retire with a lump sum of money based on their earnings and time of service but no pension. They may have an option of an annuity, but since we don't know if we'll die early or late it seems to be a gamble. If you die early then the money you put into the annuity is gone forever.
That's why my husband took the lump sum and we invested it.
If the CEOs are not paid what they are paid someone else will recruit them and give them that salary for making the company and shareholders successful.
I see nothing wrong with that because what I think is outrageous might be very competitive in their particular job market.
America is supposed to be the land of opportunity where if we work hard enough we can get to the top of the ladder.
Don't get fooled into this class warfare the Democrats play so well.
I'll never think any CEO is worth millions a year --nor football coach --nor movie star --nor college or healthcare administrator. However, at least a movie star sells his movie --and a manufacturer makes and SELLS something --but now sales are down and CEO's are failing and STILL overpaid.
I don't begrudge the rich their riches or the land of opportunity --I am "well-off" myself. But my husband is grossly underpaid as an MD working 100 plus hours a week compared to a CEO with an MBA directing desk jockeys.
The article I read in Newsweek/Time --lamented that even when stocks were down for these companies, these CEO's were making out like bandits by contractual arrangements.
And it was very dumb for Bush and Obama to bail out companies with tax dollars and still allow their company heads their exorbitant pay and perks. The companies went broke! why shouldn't the CEO's go broke?? or at least live on 6 figure salary like the modestly well-off do --from whom they borrowed. The gov't isn't giving the rest of US millions of dollars when we have a bad year.
If they didn't overpay the top, they might be able to restore pensions and insurance --but as the gov't promises to do that, the companies have backed off.
Right now our city is in terrible shape economically --the city gov't --and the police union just called in sick today if they can't have a raise.
To further clarify, if you invent some kind of wonder-widget, Jeanette, I think you deserve to be fabulously wealthy --and I know you would also see that all your employees were well-off according to their skills and time working for you.
what we see today is CEO's who did NOT invent anything, who are simply managers --and there are good managers who will work for 6 figures and not need 7. The competitiveness at that level is ridiculous and their boards ought to stop it --if they can't hire and properly care for the employees, too, and keep America working.
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