Have you ever asked yourself how long you would have gotten a 3 on your performance plans if you were the leader of a company that has lost more money on your watch than anyone else? That’s right, you would have been on a “plan” by March of the next year! Meanwhile Roman gets 5 stars every year by his “boys” on the board so he can ride off in a couple of years with enough money to buy a third world country.
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I remember George Buckley presenting to the Austin Tech Forum midway through his tenure. He was trying to be folksy and was telling a story about how he tells people that CEO is the worst job he could imagine and one he wouldn't wish on anyone because there are only four things that can happen to the CEO, and three are bad. The board can tell him he's not performing to the standards they expect and he'll be fired, he can be held liable and even arrested for the actions of one of the 90,000 employees, his 24/7 work hours & the stress of his responsibilities can lead to him dying on the job, or he can retire. "So the most likely outcome is being fired, jailed or working myself to death. Who would want those options for any amount of money?" This is the hubris we're talking about.
I know of many colleagues who lost a big chuck of their retirement funds tied up with 3M shares. Many of them didn't even sold a 3M share before, believing that 3M was a rock solid company.
How many people had to get sc--wed out of their pension to ensure he would get his $26 million? Such a disgrace.
It seems MR is exempted from the annual appraisals. Otherwise how on earth is he keeping his job if the results had showed "meet expectations" for straight 5 years?
My question is why is MR "allowed" to stay in his position (or any current EVP for that matter). Everyone sees the numbers since 2018 - these results are no secret. Vanguard, Black Rock, Charles Schwab all major investors, yet there seems to be no accountability to achieving success; but yet his income continues to grow. It would be a good learning experience for the company to understand how things work at the top.
Sorry amigo! 3rd world countries ain’t cheap anymore! Maybe he can buy a village in a 3rd world country! Haha