DOG BITES MAN….CEO PAY SKYROCKETS….I know this won’t come as news to any of my readers, but here it is anyway:
CEOs at California’s largest 100 public companies took home a collective $1.1 billion in 2004, up almost 20% from 2003. That compares with the 2.9% raise that the average California worker saw last year, according to the Economic Policy Institute in Washington.
Safeway CEO Steven Burd got a 129% raise in 2004, primarily for returning his company to profitability. Of course, this was one year after he destroyed his company’s profitability by triggering a ruinous 4-month strike and lockout in the Southern California supermarket industry, but who’s counting? I wonder if his union workers can get a similar raise after being ruined by Burd’s actions?