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(CNBC)   Ron Johnson resigns as JC Penney's CEO, will be replaced by former CEO Mike Ullman, who will do the job for "just $1 million"   ( divider line
    More: Fail, William Ackman, J.C. Penney  
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1256 clicks; posted to Business » on 08 Apr 2013 at 9:49 PM (4 years ago)   |   Favorite    |   share:  Share on Twitter share via Email Share on Facebook   more»

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2013-04-09 03:36:23 AM  
3 votes:

gingerjet: chimp_ninja: Sooner or later. the new market efficiency will be refusing to grant your CEO outlandish pay packages.  I suspect there are plenty of competent people willing to work for "just $1M".

Ah no.  The simple fact is that competent CEO's are incredibly hard to come by and the good to excellent one's are constantly recruited to take over larger and larger organizations.

Or it is significantly luck-based with unknown factors out of ceo control, with an increasingly small number of people flipping heads for the nth time in a row. Some of the qualified CEOs just get a company like JCP at the wrong time, or work for Apple at the right time.

See also: folks who make major banking decisions. If they were mostly the geniuses they want us to believe AND cared about their businesses, why do they crash markets and need a TARP?

If they are not both those things why pay them the millions?
2013-04-09 04:09:20 AM  
2 votes:
You know, rather than hiring from the pool of "CEOs", companies could bring back the practice of promoting from within and probably save a lot of money as well as encourage people to stay in their jobs. Oh, and have CEOs who have strong knowledge of the company's operations before hire to boot.

I know, I know, I shouldn't give in to such vain fantasy.
2013-04-09 02:05:07 AM  
1 vote:

Triumph: Mistymtnhop: I was just fired from JCP on Friday, after 19 years of dedicated, loyal service to a company that I loved. My co-worker was a 33 year veteran, and she and I are simply casualties of Ron Johnson trying to save his own ass. I am so angry, I can't even begin to express it.

My BS detector is pinging.

Nope, its absolutely all true. I started with JCP in 1994 as a sales associate. I am part of the wave of restructuring of the company that involved the elimination of the office specialist positions that started last month. I wish it was all BS though.
2013-04-08 10:43:58 PM  
1 vote:

nocturnal001: Take a large company, if a great CEO can increase profits by just a few percent, then paying him a few extra million is pocket change.

Why not pay the people in the trenches who apparently "got more done" some of that increased profit?
2013-04-08 10:26:39 PM  
1 vote:
1) Raise prices 40%
2) Send out 30% off coupons
3) Profit!
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