The second half of 2011 wasn’t kind to Alcoa Inc.’s stock price and Chairman and CEO Klaus Kleinfeld paid the price.
Because his base pay is performance based, the aluminum company slashed Kleinfeld’s annual salary 45 percent to a relatively paltry $1.5 million when the stock slumped.
Don’t shed too many tears for Kleinfeld, though. His total compensation for the year was more than $14 million, Reuters reported. That includes salary, stock options, pension and other goodies.
I want that kind of job — take a 45 percent pay cut and still bank millions.
Reuters: Alcoa CEO’s awards cut on poor stock performance
Photo: Klaus Kleinfeld
Not surprisingly, my column on outrageous executive salaries in Sunday’s News Sentinel drew mixed reaction from readers.
Some questioned my intelligence. Others said my criticism was on target.
I appreciate all the commenters who took the time to share their opinions, even Flyincnp who described my column as the “dumbest, most uninformative, waste of paper & print I’ve ever seen in the Sentinel.”
Wow, the dumbest ever? Surely not.
In case you missed it, click here for the column and decide for yourself.
Gov. Bill Haslam’s proposal to increase from three to five years the time it takes for new teachers to earn tenure seems reasonable. I’m glad Tennessee’s business community has stepped up to support the idea. However, a more important question is will the business community provide the same leadership on teacher compensation issues?
Talking about teacher pay isn’t going to be popular, given the budget cutting frenzy that grips Nashville — and other state capitals — these days. But it is a necessary discussion. The single, most important factor in providing a quality education is having a great teacher in every classroom. And to attract — and keep — the best teachers, we need to pay them like we mean it.