Word: graef
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Dates: during 1990-1999
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...price declines. Critics complain that corporate boards lack clearly delineated formulas for setting pay and that they are not independent enough because chief executive officers often serve as chairmen of boards. The conflict of interest can be eliminated, they argue, by preventing the CEO from wearing both hats. Consultant Graef | Crystal charges that compensation committees are often loaded with other high- paid CEOs. "It's a cozy you-scratch-my-back-I'll-scratch-yours arrangement," he says. "If you're a CEO, you don't want Mother Teresa or the Sisters of Charity on your compensation committee...
Mention the name Graef Crystal in a corporate boardroom, and you're likely to hear a collective growl. Crystal, 57, is the nation's foremost critic of high executive pay, and for half a decade he has been outraging business leaders with his high-profile columns describing just how overpaid they are. But Crystal is beginning to find it difficult to get his message across...
...easy to see why shareholders are unhappy with ITT. Explains Calpers chief Dale Hanson: "ITT is not one of the companies that bubble to the top when you think of performance." That's putting it mildly. According to Graef S. Crystal, a professor at the Haas Business School at the University of California, Berkeley, ITT's total return to shareholders during Araskog's 12- year tenure has been in the bottom 30% of America's 406 largest companies. Yet over the same period, he notes, Araskog's compensation has rocketed from a level that was 87 times as great...
Blowing it by the board of directors is usually pretty easy. Often enough, bosses who get big raises return the 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...