Word: bonus
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Judging solely from the bottom line, Perot's record probably would not qualify him for a performance bonus. General Motors -- bloodied, but unbowed -- only now is facing up to the need for far-reaching internal reform. No living MIA has ever been found in Vietnam. Texas enacted some of Perot's educational reforms (no pass, no play; reducing class size), but on Friday night far more students are still cheering touchdowns than prepping for calculus exams. But embedded in these crusades are important -- and not always reassuring -- clues as to how Perot might behave if handed the toughest challenge...
...lead to bone weakness and rickets, the deforming of bones in growing children. That's why D, found naturally in only a few foods (including the seriously disgusting cod liver oil), has been routinely added to milk since the 1930s. But too much of the vitamin is no bonus; the symptoms range from fatigue to urinary-tract stones to kidney malfunction -- and, in infants, the condition known as "failure to thrive," which can lead to death...
While common sense may dictate that executives are rewarded for successes and punished for failures, corporate America stands such logic on its head. Company profits declined for the third consecutive year in 1991, plunging 19%. But CEO pay increased 6%, not counting bonuses and long-term incentives. Westinghouse Electric CEO Paul Lego took a 69% pay cut when his bonus for '91 was eliminated. But he was awarded 700,000 shares in options, with a present- day value of $4.1 million, even though the company lost $1.1 billion last year. Counting the options, Lego actually received a 41% increase...
...Rand Araskog, whose $7 million in 1990 compensation touched off a maelstrom, agreed to a dramatic overhaul of his pay package. The company replaced outright stock grants with options based on the performance of the company's stock, and Araskog agreed to reduce the size of his annual bonus. Says Hanson: "Shareholders are waking up to the fact that they're owners and not just investors...
Some companies slashed pay unilaterally. Ford CEO Harold Poling, for example, took a 6.6% pay cut last year, while Avon boss James Preston froze his salary at $610,000 and lowered his bonus 23%. IBM chairman John Akers took a 40% cut, reducing his compensation by $1.1 million, to $1.6 million. Others are revamping their pay structure. AT&T junked its stock-option plan in favor of an incentive package based on staggered performance targets...