I don't know about you, but if I missed deadlines and other work-related performance targets, I would certainly be on probation and possibly out of a job.I dont know about you, but if I missed deadlines and other work-related performance targets, I would certainly be on probation and possibly out of a job. That doesnt seem to be the case for many major New Economy CEOs. This elite group seems to float above the fray, getting big raises and bonuses even as their companies get up close and personal with the deep inner plumbing of the Recession That Nobody Has the Guts to Call By Name.
Just look at my favorite CEO, Bernie Ebbers at WorldCom, who got a whopping $10 million bonus last year, plus a $65,000 salary increase he took home a $1 million paycheck and 1.2 million additional stock options, although those are currently worthless. If his game were golf, Ebbers would surely be worthy of this special treatment. But telecom isnt duffing, and the lowest score doesnt win. WorldCom lost a staggering 60 percent of its market cap last year and its revenue grew at 8.9 percent over 1999. Earnings inched up an anemic 3.7 percent. And the companys 2000 net profit margin dropped to 10.6 percent, a decline of 1.9 percent.