Monday, May 07, 2007

CEO Pensions? Giving away the store?

Ed Whitacre, CEO of SBC/AT&T, has announced his retirement after 43 years' service with the company. He is one of the few employees that were allowed to serve so long. The rest, he fired.

But I digress. His pension was just announced: Over $160 million. Excessive? You bet. In the 2 1/2 years I "served" there, the stock hovered around $25. The stock pretty much stayed there the 3 years I've been out, too. So, for over 5 years, the stock went nowhere, much like the company.

But Big Ed (and he is big) didn't pay his poor stewardship any mind. He was preparing for his retirement. The article below tells the brief story of excessive CEO pay and pensions. Whitacre (What Do I Care when I worked there) is now in the top 3 for executive retirement packages.

Congrats, Ed, you've finally broken into the top 3 in something.

CEO Pensions Continue To Soar -