WORLD FINANCIAL CRISIS DOES NOT AFFECT US TOPEXECUTIVES

Updated: 10/28/2008 20:30
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While the whole country suffers heavy aftermaths of the global crisis the US corporations pay flagrantly high salaries to their executives

While the whole country suffers heavy aftermaths of the global crisis the US corporations pay flagrantly high salaries to their executives. Glass Lewis & Co advisory group made up a list of the most unreasonably expensive top managers in the country. The list is leaded by the telecommunication company Sprint Nextel Corp.

In spite of the company losses that last year amounted $29 billion as well as the fact that among the 500 largest corporations that have their stock at the American exchange Sprint has the worst pay-per-performance factor the company managers were awarded pay valued at $74 million in 2007. Out of this amount $22.4 million was paid to the leaving CEO Gary Forsee, $28.3 million as sign-on compensation was paid to a new CEO and the remnant $23.3 million was distributed among other top managers of Sprint.

Among other companies that obviously overpay their members are building corporation KB Home, auto makers Ford Motor Company and General Motors as well as CBS media group. Still, the main victims of the economy downturn such as Fannie Mae, Freddie Mac, Lehman Brothers, Washington Mutual and Citigroup are not on the top though being in the list. Glass Lewis finds the fairest salaries are paid by Apple and Amazon.com.


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