AT&T boss retires with $274,000 a month for life

[borosp1]

AT&T boss retires with $274,000 a month for life

AT&T boss retires with $274,000 a month for life

Randall Stephenson gets a golden goodbye

www.marketwatch.com

Company filings show that the departing chairman and CEO is retiring with a staggering pension account worth $64 million — enough, according to industry data, to provide the 59-year old with a guaranteed income of $274,000 a month for the rest of his days.

Stephenson even got a $1.2 million company matching contribution to his “deferral plans” last year. He also holds at least $20 million in stock and options in the company. His total compensation for the last three years averaged $30 million a year.

Awkwardly, Stephenson recently warned that AT&T’s 250,000 world-wide employees could face layoffs due to the coronavirus crisis. Details haven’t been announced. Nor have any severance terms.

This right here is the problem in our capitalist system. You have a crappy CEO who made horrible investment decisions for the company (AT&T) and when he gets fired (IE early retirement) gets such a egregious large golden parachute over the regular employee in which it doesn't matter if the executive does the company well or not the executive always wins at the end. While a regular employee fucks up at the job he/she will get the door without a penny more to their name. We have such disparity between executive pay vs. the regular worker over the past 30 years its gotten so crazy. No one deserves to make 1000 times the average worker salary (no matter what there responsibility is). We in society put these scumbags on a pedestal but treat the average worker as a disposable person.

 

[SmCaudata]

Yep. Failing upward. Companies should only be able to deduct the first $500k in total compensation. There should be windfall (80% or more) taxes on anything over $1 mil individual income. Capital gains should be ordinary income.

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[Moonbeam]

Ozymandias

By Percy Bysshe Shelley


I met a traveller from an antique land,
Who said—“Two vast and trunkless legs of stone
Stand in the desert. . . . Near them, on the sand,
Half sunk a shattered visage lies, whose frown,
And wrinkled lip, and sneer of cold command,
Tell that its sculptor well those passions read
Which yet survive, stamped on these lifeless things,
The hand that mocked them, and the heart that fed;
And on the pedestal, these words appear:
My name is Ozymandias, King of Kings;
Look on my Works, ye Mighty, and despair!
Nothing beside remains. Round the decay
Of that colossal Wreck, boundless and bare
The lone and level sands stretch far away.”

 

[Ajay]

Yep. Failing upward. Companies should only be able to deduct the first $500k in total compensation. There should be windfall (80% or more) taxes on anything over $1 mil individual income. Capital gains should be ordinary income.

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[hal2kilo]

AT&T boss retires with $274,000 a month for life

AT&T boss retires with $274,000 a month for life

Randall Stephenson gets a golden goodbye

www.marketwatch.com

This right here is the problem in our capitalist system. You have a crappy CEO who made horrible investment decisions for the company (AT&T) and when he gets fired (IE early retirement) gets such a egregious large golden parachute over the regular employee in which it doesn't matter if the executive does the company well or not the executive always wins at the end. While a regular employee fucks up at the job he/she will get the door without a penny more to their name. We have such disparity between executive pay vs. the regular worker over the past 30 years its gotten so crazy. No one deserves to make 1000 times the average worker salary (no matter what there responsibility is). We in society put these scumbags on a pedestal but treat the average worker as a disposable person.

The fastest way to be ultra wealthy is to become a CEO.

 

[nickqt]

State Religion approved.

 

[SmCaudata]

Interesting article I read a few weeks ago that applies.

McDonald’s Workers in Denmark Pity Us https://nyti.ms/2YNrwa3

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[Ajay]

The fastest way to be ultra wealthy is to become a CEO.

Uh, but that can take much ones life to achieve. Fastest way is to be a trust fund baby.

 

[hal2kilo]

Uh, but that can take much ones life to achieve. Fastest way is to be a trust fund baby.

The silver semen award.

 

[thraashman]

Have we reached the "eat the rich" level yet? It's starting to feel like we're at that part.

 

[dawp]

AT&T boss retires with $274,000 a month for life

AT&T boss retires with $274,000 a month for life

Randall Stephenson gets a golden goodbye

www.marketwatch.com

This right here is the problem in our capitalist system. You have a crappy CEO who made horrible investment decisions for the company (AT&T) and when he gets fired (IE early retirement) gets such a egregious large golden parachute over the regular employee in which it doesn't matter if the executive does the company well or not the executive always wins at the end. While a regular employee fucks up at the job he/she will get the door without a penny more to their name. We have such disparity between executive pay vs. the regular worker over the past 30 years its gotten so crazy. No one deserves to make 1000 times the average worker salary (no matter what there responsibility is). We in society put these scumbags on a pedestal but treat the average worker as a disposable person.

he should have been canned after the t-mobile fiasco about a decade ago, guaranteed a $4b payout when the merger failed to pass anti-trust regs. and fyi I work for att as a tech

 

[brycejones]

he should have been canned after the t-mobile fiasco about a decade ago, guaranteed a $4b payout when the merger failed to pass anti-trust regs. and fyi I work for att as a tech

It wasn’t just the cash. The spectrum they gave T-Mobile was critical to T-Mobile’s survival. Before that T-Mobile had very little low band spectrum.

 

[Fanatical Meat]

Yeah I worked with ATT, while my opinion is influenced by I was laid off under this pricks watch. I agree moderately competent guy, awkward speaking skills and typical cut all expenses because of the shareholders.
To this day I will leave any business I work for if I ever hear the words “shareholder value” which basically means we are going to cut your pay or benefits in every way possible.

 

[interchange]

The whole CEO market is an interesting one. When you have a vacancy, you have to find someone with a resume commensurate to the job. And for a mega company like AT&T that's a small pool with a huge price tag.

 

[dank69]

Have we reached the "eat the rich" level yet? It's starting to feel like we're at that part.

There is still plenty of food. We can just leave their carcasses to rot.

 

[boomerang]

Have we reached the "eat the rich" level yet? It's starting to feel like we're at that part.

We're waiting for you to lead the charge. The first step will be you getting off the couch. You can do this!

 

[sportage]

I always wondered why people needed so much money. This sounds like a lot or money and just how many OLED TV's does one need or stereo systems or cars or yachts? But then I realized what the super rich do do with all that money..... they donate to politicians. These are the people that hand over millions in donations to get people like Donald Trump elected so they can keep more of their money so they can continue to donate even more money the next time around. And on and on it goes like a vicious circle. When you consider the billions spent on elections, each and every election, you have to wonder where the hell does this money come from? And the cycle is never ending. Well, the money comes from really really rich people like CEO's with fat retirement plans. SO now we know why money is so important, to corrupt elections.

 

[Fanatical Meat]

I always wondered why people needed so much money. This sounds like a lot or money and just how many OLED TV's does one need or stereo systems or cars or yachts? But then I realized what the super rich do do with all that money..... they donate to politicians. These are the people that hand over millions in donations to get people like Donald Trump elected so they can keep more of their money so they can continue to donate even more money the next time around. And on and on it goes like a vicious circle. When you consider the billions spent on elections, each and every election, you have to wonder where the hell does this money come from? And the cycle is never ending. Well, the money comes from really really rich people like CEO's with fat retirement plans. SO now we know why money is so important, to corrupt elections.

In the early 90s I heard an interview with the BlockBuster CEO who described it as not needing the money but needing to know you are better than other CEOs and money is the way to judge it.
Kind of a weird competition these guys get into.

 

[blackangst1]

Yeah its a big retirement, but you have to remember this is all negotiated at the time of coming on board, and is bound by law.

 

[Atari2600]

When you have a vacancy, you have to find someone with a resume commensurate to the job.

Sorry. Stop right there. This is one of the biggest fallacies going.

Most of these clowns are good for f all. They just shuffle from exec position to exec position and are usually good for one thing only - talking sh..e in front of a powerpoint.


Ask yourself this - who do you think would make better decisions - one person paid $10m a year (that has bounced around the boards of various companies and knows f**k all about the company they are managing), or a 10 person voting panel of subject matter experts paid $1m a year each. Subject matter experts being those that have worked - not exec'ed - in that industry for 30+ years.

Compare and contrast - Lisa Su vs Randall Stephenson. One is an engineer by trade and has developed into a manager. The other is an accountant by trade and became a manager. By the time Su became more director and less engineer around 2005, she had amassed 15 or so years of solid technical knowledge. Stephenson never had that background so will always have less understanding of technical values.

 

[interchange]

Sorry. Stop right there. This is one of the biggest fallacies going.

Most of these clowns are good for f all. They just shuffle from exec position to exec position and are usually good for one thing only - talking sh..e in front of a powerpoint.


Ask yourself this - who do you think would make better decisions - one person paid $10m a year (that has bounced around the boards of various companies and knows f**k all about the company they are managing), or a 10 person voting panel of subject matter experts paid $1m a year each. Subject matter experts being those that have worked - not exec'ed - in that industry for 30+ years.

Compare and contrast - Lisa Su vs Randall Stephenson. One is an engineer by trade and has developed into a manager. The other is an accountant by trade and became a manager. By the time Su became more director and less engineer around 2005, she had amassed 15 or so years of solid technical knowledge. Stephenson never had that background so will always have less understanding of technical values.

Fair enough from my words. The reality is I agree with you and had first written a reply worded differently. So then, where do you see the systemic solutions here?

 

[Fanatical Meat]

Sorry. Stop right there. This is one of the biggest fallacies going.

Most of these clowns are good for f all. They just shuffle from exec position to exec position and are usually good for one thing only - talking sh..e in front of a powerpoint.


Ask yourself this - who do you think would make better decisions - one person paid $10m a year (that has bounced around the boards of various companies and knows f**k all about the company they are managing), or a 10 person voting panel of subject matter experts paid $1m a year each. Subject matter experts being those that have worked - not exec'ed - in that industry for 30+ years.

Compare and contrast - Lisa Su vs Randall Stephenson. One is an engineer by trade and has developed into a manager. The other is an accountant by trade and became a manager. By the time Su became more director and less engineer around 2005, she had amassed 15 or so years of solid technical knowledge. Stephenson never had that background so will always have less understanding of technical values.

Well one Person making decisions is pretty much always going to be better than 10 people assuming there needs to be some agreement or quorum. However I understand the point. Nobody is worth that sort of money, nobody needs that amount of money.
Honestly I’d do it like Randell did it. Here’s your retirement/severance provided we don’t lay you off. This is a sliding scale based upon performance metrics and it is capped at $80k per month, capped just like literally every other position in the company.
Real question is if the 1 million per year retirement guy is that much worse than the 28(ish) million guy.

 

[Homerboy]

I always wondered why people needed so much money. This sounds like a lot or money and just how many OLED TV's does one need or stereo systems or cars or yachts? But then I realized what the super rich do do with all that money..... they donate to politicians. These are the people that hand over millions in donations to get people like Donald Trump elected so they can keep more of their money so they can continue to donate even more money the next time around. And on and on it goes like a vicious circle. When you consider the billions spent on elections, each and every election, you have to wonder where the hell does this money come from? And the cycle is never ending. Well, the money comes from really really rich people like CEO's with fat retirement plans. SO now we know why money is so important, to corrupt elections.

It basically ends up being 1s and 0s in a bank account that just never get touched. Never used. But could benefits countless other people in countless ways.

 

[Homerboy]

how about the guy should have been investing in a 401k or Roth like everyone else, and based on his millions of dollars he was earning for years while working, he should have built a hell of a retirement fund with that money. I mean... that's what we're supposed to do, right?

 

[Ajay]

how about the guy should have been investing in a 401k or Roth like everyone else, and based on his millions of dollars he was earning for years while working, he should have built a hell of a retirement fund with that money. I mean... that's what we're supposed to do, right?

Well, CEOs are never going to be on an equal footing with the average person. That's true even in the more egalitarian Europe. That said, the tax system we have is stupid beyond belief. Sadly, the wealthy got what they paid for and created this viscous circle that benefits them (and the pols who helped them get there).