CEO Firings On The Rise As Downturn Gains Steam

A deepening labor market downturn that cost 524,000 Americans their jobs last month is even swelling the jobless rate for chief executives.

William Watkins, ousted Monday at Seagate Technology LLC, is the sixth CEO of a publicly held company to be replaced in just the last eight days. His exit follows the departures last week of CEOs at Tyson Foods Inc., Borders Group Inc., Orbitz Worldwide Inc., Chico's FAS Inc. and Bebe Stores Inc.

Read the whole story here.

Comments

[japrz]

Please fire me from my job the same way they fired the ex-Lehman Brothers CEO Richard Fuld.They fired this scoundrel because he bankrupted his company. So for doing such a bad job they gave him a $22million retirement package after paying him $71.9million in 2008. He was called before Congress to defend his $484million compensation he was paid in salary, bonuses and stock options since 2000. He owns a mansion in Greenwich, Connecticut, an ocean front estate on Jupiter Island, Florida, a ski chalet in Idaho and a Manhattan apartment. The rest of us have to pull our selves up by our boot straps. Something is wrong with this picture.

[ratcityreprobate]

Bounties on them rather than bonusses.

[mrcontinental]

Contrary to popular belief none of these clowns are worth the money they are paid... NONE of them.

[munki]

Corporate America need CEOs NOT for their own luxury and benefits...
I was just in Japan and saw news...
Employees pay cut 5%, CEO pay cut 20-25% to avoid lay offs...
CEOs in Japan do not have golden salary like Corporate America...
I must say... no wonder... employees work hard... it is like a family...
What do you think?

[lvdragonlady]

Now if the companies can just figure out that they do not deserve the huge bonuses and retirement packages that they were promised they just might survive.

[JoeBlough]

Only when they get fired, they get a multi-million dollar golden parachute.

[jerrypl]

It couldn't of happened to nicer bunch of corporate royalists making much more than they produced for the company. They shipped off jobs to foreign manufacturing plants, and now they are getting axed.

http://eye-on-washington.blogspot.com

[impatient]

Yeah, but I wonder how much money they're all taking with them. Somehow I don't think they are going to have to worry about sending the kids to college, much less putting food on the table.

[DJBrunner]

Let me break out my violin.

[rbspickles]

"But, but if we fire 3,000 workers from the bottom tier, we can afford to pay me my millions!!! I've got it all worked out....see???"

[lvdragonlady]

Great thought but we all know that the companies can not survive without the little guys.

[ramal]

Too little, too late, doncha think?

[maxbianco]

Burn baby burn!!

[nirek]

Were they given any golden parachutes?

[Patricia84]

Poor souls.

[somsoc]

If only Madoff was among them, and maybe Bush, Cheney, etc. etc. etc. from about 30 stories up.

[unite4change]

Some corporation will recycle these CEOs.