'CEOs are the ultimate beneficiaries of a 'heads I win, tails you lose' ethos in corporate management.' hiltzikm explains in his latest column:
If the poet Percy Bysshe Shelley and the lyricists Gus Kahn and Raymond B. Egan could come back from the grave, they might seek out and thank Warner Bros. Discovery CEO David Zaslav for validating their line about how “the rich get rich and the poor get poorer.”America’s most overpaid chief executivesIn 2021, when the total shareholder return of Zaslav’s company declined by 22%, Zaslav’s compensation rocketed up to $246.6 million from $37.7 million the year before, a gain of 554%.
The CEO pay issue may come into sharp relief due to a pending court ruling on the lavish compensation deal that Tesla awarded CEO Elon Musk. “If a company has a good year, it’s all about the management team and the CEO driving it,” says Rosanna Landis Weaver, lead author of As You Sow’s report. “When they don’t do well, it’s all about ‘external factors.’”The rail strike is looming because the railroads are refusing to give their workers paid sick days, even though they are swimming in profits. Congress should let workers use their leverage.
Huge pay packages for CEOs are routinely justified as rewards for the performance of their companies. The truth is that there appears to be no connection.outperformed the top fifth by nearly 39% The relentless bloat in CEO pay during good times and bad also points to how corporate America breeds economic inequality. During the pandemic year of 2021, which ended with a surge in inflation that persisted into 2022, the CEO-worker pay gap at low-wage companies widened.
This year, Zaslav is joined on the roster of the 25 most overpaid CEOs by the leaders of Estee Lauder, Intel, Las Vegas Sands, Coca-Cola, JPMorgan Chase and Walt Disney .
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