Performance-Based Compensation Articles
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Thursday, September 25, 2008
Jack Welch Changes stance on Executive pay
Day to Day, September 25, 2008Jack Welch, who ran General Electric for 20 years and was one of the nation's highest paid CEOs, says limits on executive pay are now warranted.
"I think without question once the federal government has to step in to bail out the private enterprise, you've got to modify the private enterprise pay packages," he tells host Alex Chadwick.
In 2002, Welch told the NewsHour with Jim Lehrer that anyone who wanted to cap executive pay would be the "dumbest guy in town" because it challenges the free enterprise system.
In 1999, Fortune magazine called Welch the "manager of the century."
"Times and men's fortunes change," says Welch. "And we now are in a time of unprecedented difficulties." Welch says the "misalignment between bonuses and shareowners and the public" calls for changing the rules on executive pay.
Labels: executive compensation, executive pay, McCain, Obama, performance management
