In the world where we thought people are paid according to performance, it is no longer so. Just to diffuse the anger on the streets that our world's highest paid Ministers and several GLCs Top management are overpaid for sloppy work and huge losses. Here is the CNNMoney.com list of Top 5 overpaid CEOs in America which are overpaid worst performers of 2008.
In summary:
1) Michael Jeffries, Abercrombie & Fitch : Awarded total compensation of $71.8 million despite share prices falling over 71% last year and though he has been on board for 17 years, his compensation package included a $6 million "stay bonus" and use of corporate jet. Not bad for a clothing firm - I meant the compensation not the idiocy of renumeration here.
2) James W. Stewart, BJ Services Company : $34.6 million bulk of which is stock options granted more than five years ago. Energy company, BJS stocks have halved since.
3) Brian Roberts, Comcast Corp. : Total compensation of $40.8 million last year, $22 million in earnings related to stock options. Cable and Internet provider, Comcast shares are down 7%.
4) John Faraci, International Paper : Total compensation of $38.2 million, including $21 million in pension payments though he is still working for the company for past 6 years. Shares of the paper company sank 63% last year.
5) Eugene Isenberg, Nabors Industries : Total compensation of $79.3 million, out of which $58.7 million is bonuses. In 2008, shares of the oil and gas drilling company plummeted 51%.
