Philips nixed management bonuses after stock cratered – this should be the way
financially and reputationally for two years before showing him the door late last year. Mr. Chapek collected bonuses of more than US$20-million for each of his two years of work, despite the fact he did a woefully subpar job. In fact, the Disney board approved pay increases for Mr. Chapek in each year of his short tenure.The management team waived its bonuses as part of an agreement with the board, but this is hardly an act of soulful corporate contrition. It is simple survival.
Mr. Jakobs clearly understands that to rebuild the company, everyone needs to share in the pain, including – and perhaps especially – the senior managers who got Philips mired in the gouda in the first place. Some people might say that while the Philips move is good hygiene and sets an example for the corporate world, the company took too long to act. The trouble has been brewing for a while.
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