Don’t forget the board of directors, they pick the CEO.
On that note, don’t forget the shareholders with voting rights, they pick the board members. The bigger the share, the more culpable they are.
I asked an LLM to translate the idea into corporate jargon (it turns out this is something they’re actually quite good at) and it spat this out:
Office-Safe Jargon: "Executive compensation levels may warrant further evaluation in light of current financial performance. A potential avenue for optimizing resource allocation could involve a modest reduction in executive remuneration, which may contribute positively to overall profitability.
Not to excuse the relentless flow of money upward, but the two times we had to do (temporary) pay cuts in my career, it was 10-15% for employees, paid back eventually, and 35-50% for executives, not repaid. At two different companies. So I do know at least sometimes it’s done that way.
The execs were never in danger of missing any necessities.
Agreed.
I hear European CEOs demand much lower salaries. Could save a bundle right there.
They also demand and take vacation and obey time off the clock. Employees, too. American business doesn’t like that.
Just replace the CEO with an AI. It would probably do the job just as poorly, but wouldn’t need any payment.
The only problem with that is it would perform logical actions that do not generate immediate short term profits. It might end up implementing 4 day work weeks and remote work, which are proven to increase productivity.
and cut it out with the stock buybacks!
