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Time - Man of the Year
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Time_Man_of_the_Year_Compact_Publishing_3YX-Disc-1_Compact_Publishing_1993.iso
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032392
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0323204.000
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1992-08-28
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1KB
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33 lines
BUSINESS, Page 48Business NotesCOMPENSATION Getting The Message
Stockholder gripes about executive greed are beginning to
make dents in the armor of some of the nation's top brass. A
proxy statement revealed last week the first application of
Westinghouse Electric's tough pay-for-performance system, which
slashed the income of CEO Paul Lego and 13 other top officers
by as much as 62%. With that response to the company's $1
billion loss on nearly $13 billion of sales last year,
Westinghouse joins IBM, which cut the compensation of chairman
John Akers and four of his colleagues by 40% and took smaller
cuts from 60 other executives after Big Blue's first annual loss
ever.
Despite a trend toward the curbing of executive bonuses,
not all companies are marching in the same direction. At
Paramount's annual meeting last week, one shareholder tried
unsuccessfully to table a motion calling for 5.75 million shares
of future stock options for executives. Chairman Marvin Davis
claims creative businesses require such lures to hook and hold
top talent. Stockholders registered resounding agreement: better
than 90% of shares voted at the meeting approved the motion
authorizing the Paramount perks.