Add news
March 2010April 2010May 2010June 2010July 2010
August 2010
September 2010October 2010
November 2010
December 2010
January 2011
February 2011March 2011April 2011May 2011June 2011July 2011August 2011September 2011October 2011November 2011December 2011January 2012February 2012March 2012April 2012May 2012June 2012July 2012August 2012September 2012October 2012November 2012December 2012January 2013February 2013March 2013April 2013May 2013June 2013July 2013August 2013September 2013October 2013November 2013December 2013January 2014February 2014March 2014April 2014May 2014June 2014July 2014August 2014September 2014October 2014November 2014December 2014January 2015February 2015March 2015April 2015May 2015June 2015July 2015August 2015September 2015October 2015November 2015December 2015January 2016February 2016March 2016April 2016May 2016June 2016July 2016August 2016September 2016October 2016November 2016December 2016January 2017February 2017March 2017April 2017May 2017June 2017July 2017August 2017September 2017October 2017November 2017December 2017January 2018February 2018March 2018April 2018May 2018June 2018July 2018August 2018September 2018October 2018November 2018December 2018January 2019February 2019March 2019April 2019May 2019June 2019July 2019August 2019September 2019October 2019November 2019December 2019January 2020February 2020March 2020April 2020May 2020June 2020July 2020August 2020September 2020October 2020November 2020December 2020January 2021February 2021March 2021April 2021May 2021June 2021July 2021August 2021September 2021October 2021November 2021December 2021January 2022February 2022March 2022April 2022May 2022June 2022July 2022August 2022September 2022October 2022November 2022December 2022January 2023
News Every Day |

AMC Networks booted its CEO after only 3 months, gave her a $10 million payout, and cut about 20% of its staff. So much for workers being empowered.

AMC CEO Christina Spade
Former AMC CEO Christina Spade and actor Bob Odenkirk.
  • The former AMC CEO Christina Spade got a $10 million payout after only three months on the job. 
  • CEO compensation has increased in recent years, while average worker wages decreased.  
  • Most Americans think CEO compensation is too high, according to a poll by Just Capital.  

Three months on the job and a $10 million payout. Nice work if you can get it.

That kind of windfall is reserved for America's top CEOs, like Christina Spade, the outgoing head of AMC Networks, who resigned Tuesday after taking the reins in September and is receiving that multimillion-dollar package. 

It's quite a different story for the rest of America's workforce. Case in point: Just as Spade collects her millions, AMC, which owns cable networks and streaming services, is expected to lay off 20% of its employees.

Spade is hardly alone in receiving a big payout. Disney pushed out CEO Bob Chapek in mid-November. He's likely to walk away with $23 million after less than three years in the top job. Now the company has put a hiring freeze in place, and workers are bracing for layoffs.

For years, the gap has been widening between what big-time CEOs rake in and what everyday workers take home. According to the AFL-CIO's annual Executive Paywatch Report, which has tracked CEO-to-worker pay ratios for more than two decades, S&P 500 CEOs averaged $18.3 million in compensation last year, which is roughly 324 times the median worker's pay.

The AFL-CIO report also showed that workers' real wages dropped 2.4% in 2021, after adjusting for inflation.

But what's galling now is how the stratospheric size of CEOs' paychecks — and their severance packages — stands counter to the promises they've made. During the depths of the pandemic, CEOs pledged to champion worker rights. They thanked their employees for working longer hours and in some cases, risking their health to do their jobs. Around the same time, more than 180 CEOs signed a public letter declaring that business had a bigger goal than profits. And execs sounded the alarm on inequality in interviews and on social media. 

AMC's former CEO getting a massive payout for three months of work is not good for shareholder capitalism or stakeholder capitalism. 

Now, as recession fears loom, those promises are a distant memory. And Spade and Chapek's windfalls underscore that stakeholder capitalism — the idea that businesses truly value their workers and consumers — is little more than cheap talk. 

"This is a divide right now: Do CEOs maximize shareholder value or do they work for the greater good?" Michael Dambra, associate professor of accounting and law at the University at Buffalo School of Management, told Insider. "But AMC's former CEO getting a massive payout for three months of work is not good for shareholder capitalism or stakeholder capitalism. 

"I can't imagine employees are going to be happy and I doubt the market will be happy either."

a hand reaches out to grab money hanging from a string
Most Americans think that most CEOs are compensated too much, per a May poll by the nonprofit research firm JUST Capital.

Layoffs vs. the golden parachute 

Research shows that CEO severance packages serve an important purpose in corporate America. Essentially, they reduce the CEO's financial risk, which is key when they take over a company where volatility is high and performance is lagging. "You get a contract that says, 'If it doesn't work out, you'll be made whole,'" Dambra said. 

This, in turn, compels the CEO to take on more risk and be more innovative in their role, which is good for shareholders. "There is sense in having severance packages, but as the divide grows between what CEOs earn compared to the average rank-and-file, it becomes harder to argue that these contracts are fair," Dambra said.

I mean some of these payouts really seem obscene.

In 2021, New York Times journalist David Gelles wrote that some of the same companies that laid off thousands of workers during the pandemic still paid their CEOs millions of dollars. He pointed to the compensation packages of Norwegian Cruise Line, Hilton, and Boeing.  

Shareholder support for US pay packages is at its lowest point since 2011, the year that "say on pay" votes were made mandatory, according to Equilar, a pay-data company. And some investor groups have recently proposed votes to curb CEO pay. 

Meanwhile, roughly three-quarters of Americans say that most CEOs are compensated too much, according to a 2022  online poll of about 1,000 adults by the nonprofit research firm JUST Capital. 

But as workers face an uncertain economy, inflation, and an increasing number of hiring freezes and layoffs, CEOs will likely continue to rake in millions. 

Anthony Nyberg, professor of human resources at the Darla Moore School of Business at the University of South Carolina, told Insider that "it's possible that some of the macro things we're seeing in the economy — where employees are asserting their voices and unionizing at some of the biggest companies in America, like Starbucks and Amazon — could be viewed as a response to how these egregiously excessive pay and severance packages are perceived. 

"I mean some of these payouts really seem obscene."

Read the original article on Business Insider
Сергей Рахманинов

Ева Геворгян: Рахманинов - один из самых главных моих композиторов, которых я играю

Dumb Things In Marvel's Phase 4 That Didn't Make Any Sense

Marvel Projects Coming In 2023 We Simply Can't Wait For

How to Fall Asleep in 60 Seconds (OR LESS)

Masturbation is KILLING Your Strength! (NEW RESEARCH)

Ria.city






Read also

The Nation's Weather

Yankees, Gleyber Torres Agree to One-Year Deal, Avoid Arbitration

I’m an interior designer and swear by three tips to make any home feel luxurious… even on a tiny budget

News, articles, comments, with a minute-by-minute update, now on Today24.pro

News Every Day

What has happened this MLB offseason? A look at all the moves made in the AL and NL Central.

Today24.pro — latest news 24/7. You can add your news instantly now — here


News Every Day

Dumb Things In Marvel's Phase 4 That Didn't Make Any Sense



Sports today


Новости тенниса
Александр Зинченко

"Нет старого дома - есть место, где ты был очень счастлив" - Зинченко о матче против "Манчестер Сити"



Спорт в России и мире
Москва

Московское "Динамо" выиграло у "Барыса" в Астане



All sports news today





Sports in Russia today

Москва

Московское "Динамо" выиграло у "Барыса" в Астане


Новости России

Game News

Wizards of the Coast fully retreats from D&D license changes after community outrage


Russian.city


Оркестр

Оркестр Росгвардии завершил гастрольный тур по Самарской области


Губернаторы России
Владимир Путин

Путин посетит Волгоград в день Победы в Сталинградской битве


МК: Госпитализированный Николай Дроздов удивил врачей странной выходкой

Гороскоп и главный совет на весну 2023 года для каждого знака зодиака

«Динамо» одолело «Борац» в контрольном матче по футболу

Алиев поддержал в ПАСЕ создание трибунала для Путина и Лукашенко


Мэрилин Монро, Фрэнк Синатра, Клинт Иствуд и другие звезды XX века в объективе Эрла Лифа

Певец Олег Газманов представил патриотическую песню «Солдаты России»

В туле стало возможным подключать домашний интернет 1 Гбит/ от МТС

Умерла единственная дочь Элвиса Пресли


Эксклюзив! Андрей Ольховский: Джокович играл с Полом в кошки-мышки

"Нет старого дома - есть место, где ты был очень счастлив" - Зинченко о матче против "Манчестер Сити"

Тарпищев назвал финалистку Australian Open Рыбакину гордостью России

Владимир Камельзон: У Циципаса нет шансов в финале против Джоковича



Россияне рассказали, куда полетят отмечать февральские праздники

Руководитель Гидрометцентра Вильфанд: самые холодные дни зимы в Москве будут теплыми

Гороскоп и главный совет на весну 2023 года для каждого знака зодиака

Шапки от Y're – подарки для двоих к 14 февраля


В 2023 году планируется открыть дата-центр "Яндекса" в Калуге

Арт Директор для Актера. Арт Директор для Профессионального актера. Арт Директор для начинающего Актёра.

ЦБ России и Ирана заключили соглашение о сотрудничестве для облегчения операций и расчетов

В туле стало возможным подключать домашний интернет 1 Гбит/ от МТС


Лиза Арзамасова: «Ну какой тут может быть повод для ревности?»

Завершился очередной проект Степанакертского пресс-клуба. Фоторяд

Политолог Асафов назвал санкции России по Курилам чувствительными для Японии

Убийство двух эстонских школьниц в Москве раскрыли спустя 34 года



Путин в России и мире







Персональные новости
Russian.city

Семён Слепаков

Соловьев не сдержал эмоций, говоря о Слепакове и его оскорбительной песне о солдатах



News Every Day

How to Fall Asleep in 60 Seconds (OR LESS)




Friends of Today24

Музыкальные новости

Персональные новости