Word: goizueta
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...long ago, Coca-cola chairman Roberto Goizueta showed up to salute a group of American immigrants as they took the oath of citizenship at Monticello, the home of Thomas Jefferson. Coke's boss eloquently recalled his own family's flight from Cuba and eventual naturalization as proud Americans. Said the courtly ceo: "When my family and I came to this country, we had to leave everything behind...our photographs hung on the walls, our wedding gifts sat on the shelves...
...most powerful Cuban-born executive in the U.S. also seems to have left behind any vindictiveness, at least in a commercial sense. Goizueta has said nothing about a controversial new law aimed at keeping foreign companies from investing in Cuba. It's a law that many FORTUNE 500 companies such as Coke--which lost a plant to the revolution--would like to see go away...
Criticism of excessive executive pay may finally be hitting home. Reacting to shareholder protests, Coca-Cola reduced the compensation of its chairman Roberto Goizueta $59 million, to a mere $4.5 million. Goizueta received a 10% raise in salary, bonus and incentives but was not offered any stock options. Last year he was awarded 1 million shares, worth $59.4 million, on top of his pay. Coca-Cola's operating profits had jumped 18% despite a treacherous year; even so, the company wanted to avoid another wave of stockholder complaints...
...everybody caves. Two weeks ago, Coca-Cola chairman Roberto Goizueta stood up before shareholders and defended his 1991 pay of $86 million, which included a record $80 million in stock grants, on the grounds that under his management, Coke stock had increased 1,300%. Goizueta was interrupted four times -- by thunderous applause. U.S. Surgical CEO Leon Hirsch, who earned $118 million in salary and stock incentives, maintains that he's worth it. "I'm not paid enough," he says. Since 1988, U.S. Surgical's market capitalization has, to his credit, increased 1,350%; in the past three years, shareholders have...
...favor by handing out higher fees and benefits to the board. Says Graef Crystal, a professor at the Haas School of Business at the University of California, Berkeley: "Wherever you find highly paid CEOs, you'll find highly paid directors. It's no accident." At Coca- Cola, CEO Roberto Goizueta earned $10.6 million in salary and stock in 1989, more than three times the average for CEOs of the 200 largest U.S. firms (his 1990 compensation: $11.2 million). His board members earned $75,000 in cash and benefits, a solid 70% above the $44,000 average. At ITT, chairman Rand...