Tuesday, January 23, 2007

A Picture Out of Focus

If you're a regular working stiff, what generally happens if your work performance isn't up to snuff? What happens if you don't flip burger fast enough, make the beds as neatly as possible or make your quota of strawberries per day? You're handed a pink slip and told not to let the door hit you on your way out!

That's not the way it works for corporate CEOs. A recent Associated Press article reports that the CEO of The Gap, Inc. has been let go because he hasn't been able to turn around the company's downward slide. While on the job, Paul Pressler laid off workers, closed under-performing stores and missed his own self-defined profit target by $300 million.

Despite the fact investors lost confidence in Pressler AND they say he performed his job poorly, he is set to walk away from the company with a $14 million severance package.

In my book, that's quite a golden parachute for failure. I'm sure Pressler will be crying as he stands in the unemployment line. I'm sure the man will feel broke and destitute -- NOT.

Why is it when the rich fail they are eased into retirement, while the rest of us worry about making next month's rent or mortgage payment?

No comments:

Post a Comment

Comments are unmoderated, so you can write whatever you want.