CEOs of the 50 firms that have laid off the most workers since the onset of the economic crisis took home 42 percent more pay in 2009 than their peers at S&P 500 firms, according to “CEO Pay and the Great Recession,” the 17th in a series of annual Executive Excess reports from the Institute for Policy Studies.
“Our findings illustrate the great unfairness of the Great Recession,” says Sarah Anderson, lead author on the Institute study. “CEOs are squeezing workers to boost short-term profits and fatten their own paychecks.”
The 50 top CEO layoff leaders received $12 million on average in 2009, compared to the S&P 500 average of $8.5 million. Each of the corporations surveyed laid off at least 3,000 workers between November 2008 and April 2010. Seventy-two percent of the firms announced mass layoffs at a time of positive earnings reports.
Sex in the workplace doesn’t just hurt those parties involved. Sure, Mark Hurd’s recent scandal produced three obvious casualties: Mark Hurd, Hewlett Packard and its shareholders, and even, to an extent, Jodie Fisher. But in the barrage of press attention since the news broke, little mention has been made of a large group of other casualties: high-achieving female executives.
Women’s careers tend to stall out in upper-middle management and female executives need the support and sponsorship of C-suite men if they are to stand a chance of climbing the highest rungs of the corporate ladder. Sad to say, in the wake of the Hurd ouster, sponsorship is going to be in even shorter supply. However tangled the Hurd/Fisher narrative becomes, a large proportion of male leaders who read the story will have one and only one takeaway: “Poor guy was fired for dining alone with a junior woman. No one is even alleging a sexual relationship. How crazy is that! It makes me want to avoid ever being alone with a younger female colleague.” So said one C-suite male I talked to.
Softcore-porn-actress-turned-marketing-consultant Jodie Fisher wasn’t the only person who failed to be enamored by HP CEO Mark Hurd, who was forced to resign as a result of an investigation into his relationship with Ms. Fisher. According to Glassdoor, a site where employees can anonymously rate companies and CEOs, Hurd had the lowest employee approval rating of any major tech CEO. Only 34 percent of self-described HP employees on the site approved of his performance, and 66 percent disapproved.
In comparison, Steve Jobs has a 98 percent approval rating among Apple employees, Cisco CEO John Chambers has an 81 percent approval rating, and Hurd’s tennis partner and defender, Oracle CEO Larry Ellison, has a 78 percent approval rating. Even Yahoo CEO Carol Bartz (56%) and Microsoft CEO Steve Ballmer (52%) are more loved by their employees than Hurd.
Tagged with: Apple
, Carol Bartz
, Chief executive officer
, Jodie Fisher
, Larry Ellison
, Mark Hurd
, Steve Jobs
, United States
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