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Larry Johnston Takes Money and Runs,
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Larry Johnston Takes Money and Runs,
Larry Johnston Takes Money and Runs,
| Author | Message |
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| Jeff-Hulk-Hemp |
Posted: Thu Jun 08, 2006 11:25 pm
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Joined: 10 Feb 2006 Posts: 448 |
http://www.ufcw.org/press_room/index.cfm?pressReleaseID=245
LARRY JOHNSTON TAKES MONEY AND RUNS, LEAVING WORKERS IN THE LURCH . (Washington, DC) - Albertsons Supermarket CEO Larry Johnston and his management team ran the national grocery chain into the ground and then sold off the remains--crippling communities and leaving workers’ lives in turmoil in the process. They deserve to suffer the same fate as the workers they’ve put out of jobs. So why are they receiving multimillion dollar compensation packages? Apparently, it’s the American way. After all, it’s not just Albertsons—CEO pay is skyrocketing across all industries. In 1960, the average CEO made 41 times more than the average worker. By 2004, the average CEO was making 431 times that of the average worker! And much of this money goes to CEOs whose poor performance is driving their companies, and their workers, into financial ruin. The $17.7 billion sale of Albertsons to Minnesota grocer SuperValu, drug store chain CVS Corp. and a group of private investors led by Cerberus Capital Management, is the latest example of corporate greed gone haywire. The deal provides multimillion dollar “golden parachute” packages to the former Albertsons’ executives. In addition to CEO Larry Johnston, four other former executives received eight-figure compensation packages. A “golden parachute” is a term for the clause in executives’ contracts that provide special compensation packages in case they lose their employment through an acquisition or a merger. The Albertsons board approved the compensation packages, and has repeatedly refused to discuss the details of executive compensation. |
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