Tomato, To-mah-to (or What's the best thing to throw at someone you revile?)
When I read about American International Group CEO Edward Liddy's testimony before the House Finance committee earlier this week, I noticed something that got my hamster wheel turning (it was not the notion that Ed Liddy and G. Gordon Liddy are brothers or kindred spirits). Ed Liddy has been CEO of AIG for only six months. Prior to that, he headed Allstate. I am not sure where he worked prior to that or how long he as CEO of Allstate; I would guess that he did not work there very long if he was a CEO.
It seems that CEOs have become a band of high-priced journeymen (or day-laborers if you prefer) moving in random patterns across the corporate landscape. For example, Bob Nardelli went from General Electric to Home Depot to Chrysler in the span of six years (he collected well over $200 million in severance from Home Depot because he did not raise the stock value of Home Depot during his tenure).
Apparently, CEO tenure is something that has dwindled over time, especially in the last decade. They don't stay with a company very long once they attain the top position in the company, nor do they have much experience in the company they run. If they receive bonuses and golden parachutes for failure, there's no reason for them to stop doing what they do. Musical chairs can last forever as long as no one removes the chairs when the music stops.
If only the day-laborers at the local Home Depot had it this good (relatively speaking).
It seems that CEOs have become a band of high-priced journeymen (or day-laborers if you prefer) moving in random patterns across the corporate landscape. For example, Bob Nardelli went from General Electric to Home Depot to Chrysler in the span of six years (he collected well over $200 million in severance from Home Depot because he did not raise the stock value of Home Depot during his tenure).
Apparently, CEO tenure is something that has dwindled over time, especially in the last decade. They don't stay with a company very long once they attain the top position in the company, nor do they have much experience in the company they run. If they receive bonuses and golden parachutes for failure, there's no reason for them to stop doing what they do. Musical chairs can last forever as long as no one removes the chairs when the music stops.
If only the day-laborers at the local Home Depot had it this good (relatively speaking).
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