22 July 2014

The rewards of failure

I would not go so far as to suggest that the man should not be given a modest compansation for his sacking but this seems excessive:
Tesco boss Philip Clarke was brutally ousted on Monday after failing to halt a dramatic slide in sales and profits, and replaced by a little-known executive from Unilever with no retail experience.
Despite his failure to turn the business round, Clarke could walk away with close to £10m in cash and shares, according to proxy voting service Manifest. He has also amassed a £11.5m pension pot over his long career, and will continue to be paid his £1.1m salary for a year.
Such is modern capitalism.  The boss class win, whether or not they succeed ...

No comments: