Word: ferlauto
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...where then CEO Bob Nardelli was collecting a nearly $32-million pay package for the year, while the company's stock languished. "We had reached a level of frustration because it seemed CEO pay, no matter what we did as activist investors, kept spiraling out of control," says Richard Ferlauto, AFSCME's director of pension and benefit policy. The quintessential example: after Congress passed a law that gave companies incentives to cap CEO base salaries at $1 million a year, the issuance of stock options, an alternative way to pad pay packages, skyrocketed - to the point that by 2005, average...
...charge. Their broad plan is to re-Morganize Morgan in part by ditching the firm?s moderate-income clients and focusing on the wealthy. But the proposals are short on specifics. "We're trying to figure out if this is anything more than a grudge match," says Richard Ferlauto, director of Pension and Benefit Policy at the American Federation of State, County and Municipal Employees, an activist shareholder. Such worries are weighing on the stock, which has been a woeful underperfomer, falling 22% in the past five years, while more focused firms like Bear Stearns and Lehman Bros. have doubled...
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