April 27, 2007

Circuit City--Shaft Workers, Reward Exec

    This doesn't surprise anymore, does it? Even though it is obscene beyond belief.

After firing 3,400, Circuit City enriches CFO
By Michael Rapoport, Dow Jones Newswires

NEW YORK — Even as Circuit City Stores (CC) pushed 3,400 purportedly
overpaid employees out the door, the company went out of its way to
make the departure of its outgoing chief financial officer a lot more
pleasant.

What Circuit City did for Michael Foss last week says a lot about the
haves-over-the-have-nots way executive compensation works.

By leaving, Foss would have abandoned thousands of unvested stock
options. But Circuit City revised the terms of many of those options
to make sure he could still exercise them after leaving the company —
a move that would mean a profit of nearly $250,000 for Foss if he were
to cash them in today.

    What's interesting is the tone of the article. It is pretty harsh on the company. Maybe it's just obvious too even the business press that normal people can't even bring themselves to soft-peddle these outrages anymore. There is hope,

Apr 27, 2007 5:14:47 AM | Corporate Greed

7 Comments

Jack Lebovitz

It may be a good idea to outsource CEO, CFO, COO and all the Cxx positions to India. The execs draw far more pay and cost more to feed than the lowly individual contributors. So the immediate payoff for companies will be far more substantial. After all there are lots of US trained MBAs in India also.

Are execs willing to outsource their own jobs?

Posted by: Jack Lebovitz | May 12, 2007 at 03:57 AM

Shane

Hot & fresh coupons, deals and coupon codes related to electronics are avialble at here at Circuit-City store through Couponalbum.com.......!

Posted by: Shane | November 30, 2007 at 01:12 AM

Credit Repair Services

What Circuit City did for Michael Foss?

Posted by: Credit Repair Services | August 24, 2010 at 08:02 AM

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