Well-Paid Executives Don’t Need Big Perks
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Regarding “Countrywide CEO Gets $160 Million,” May 2:
The 2005 compensation of Countrywide Chief Executive Angelo Mozilo not only symbolizes irresponsible management by the compensation committee and board.
It also represents a glaring appearance of impropriety in the form of expenses this executive can well afford himself.
Although $40,282 for country club memberships and $26,660 for automobile use may be relatively insignificant figures in the rarefied air of corporate earnings, they also would be insignificant in the household budget of a well-paid executive.
Companies, regardless of the wealth on their books, must not become the personal piggy banks of executives.
Safe to say, executives who can grow companies, create meaningful employment for others and have positive effects on their communities and their industries deserve to be paid well for their talent, insight and hard work.
But when their wealth is tied to investor confidence, such appearances of impropriety must be eliminated altogether.
David Ohman
Irvine
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