Can department stores become relevant again? Figuring that out will be the job of the next CEO of Macy’s, Jeff Gennette. He currently serves as the company’s president, and will take over as CEO in early 2017. His job will be to get the company through a tough period as middle-class shoppers seem to be questioning the whole department store business model and hitting off-price and discount stores instead. [More]
Remain calm, investors, shoppers, and employees of Best Buy. Okay, yes, Best Buy CEO Hubert Joly sold half of the shares in the company that he owns that are vested and that he’s legally allowed to sell, but that’s just about his personal investment choices, not meant as a statement about the future of the company. Hey, why is the stock price falling? [More]
For the first time since the company’s founding, Ralph Lauren will not be running the Ralph Lauren Corporation. The 75-year-old plans to stay on as executive chairman and maybe design some ties or something, but the new chief executive officer will be Stefan Larsson, formerly head of Gap’s Old Navy brand and of H&M. [More]
McDonald’s announced that its CEO Don Thompson, who is not to be confused with Ron Johnson, will retire from the position as of March 1st. The current senior executive vice president and chief brand officer will take over, but what will it take for the brand to win over franchisees and younger Americans? [More]
There are two kinds of people in the world: people who take cruises, and people who have already made up their minds that they hate cruises. The CEO of Carnival Cruise Lines says that it’s his company’s job to find the people in that second category and convert them. [More]
While big businesses might be balking at performing all the supposedly complicated math it would require to figure out the ratio between what the CEO makes versus the average employee, the folks at the AFL-CIO just decided to go ahead and figure it out for them. [More]
Every year, when our Worst Company in America tournament rolls around, some yaysayers wonder why we can’t make it more positive. “Where’s the Best Company in America?” they ask. Things like “good customer service” and “corporate responsibility” are important and all, but no one else is asking the real hard-hitting question: how easy are companies’ chief executives on the eyes?
Once again, it’s time for the annual Institute for Policy Studies report on which top CEOs are earning more money than the companies they work for are paying out to federal government in taxes.
Yes, both CEOs and Lenovo are frequent targets of our posts. We generally mock CEOs for lavish pay even with dubious accomplishments, and Lenovo for a general inability to sell and support products that consumers seem to really like. Despite our branding them an anti-capitalist prank, the China-based electronics company has had a record year, and CEO Yang Yuanqing received a pretty nice bonus of $5.2 million. So he did something crazy that most of his counterparts in the US would probably never consider: he divided $3 million of that bonus up among 10,000 employees.
Just as an NCAA hoops power needs a driven coach to lead the way through March Madness, a corporation seeking the Worst Company in America Golden Poo needs a CEO who manages to rake in ludicrous pay raises.
Section 953(b) of the 2010 Dodd-Frank Wall Street Reform and Consumer Protection Act requires publicly traded companies to disclose the ratio of CEO pay as a proportion of the median-paid employee at the firm. And yet, the Securities & Exchange Commission has yet to even propose a regulation for public comment, which would get the ball rolling on enforcing the act. So more than two dozen members of the Congress and Senate have written the SEC asking the agency to act immediately.
Netflix CEO Reed Hastings stopped off at the New York Times Magazine to engage with a very ornery reporter on what the whole deal with Qwikster was. If the reporter really asked these questions and didn’t just spice them up later to make himself look like a badass, I’m surprised Hastings didn’t punch him in the face.
Back in February, the Sears Holding Company named Louis J. D’Ambrosio, formerly of IBM and of Avaya, its new CEO. As the company continues to struggle for profits and relevance, the Associated Press determined that W. Bruce Johnson, interim CEO from 2008 until this year, got a huge raise in 2010, which more than tripled his pay. For what? Not improving customers’ satisfaction with Sears, if our mailbox is any indication.
Neglecting the standard mysterious departure-accompanying explanation “I’d like to spend more time with my family,” Google CEO Eric Schmidt announced he’s stepping aside to make way for Google co-founder Larry Page, who will take over April 4.
An analysis of executive pay found that CEOs of the 50 firms that laid off the most workers since the beginning of the economic meltdown earned 42% more than the average pay for an S&P 500 company. Correlation doesn’t imply causation, but it’s food for thought, especially for those in the bread line.
There are pay freezes and then there is the CEO Paycheck Shrink Ray. CNN lists the CEOs who were the biggest victims of the latter.