Which tech CEOs were fired for making the wrong call and overhiring?
I don’t mind eye popping executive pay for exceptional performance, I mind that those positions have zero accountability.
I don’t mind eye popping executive pay for exceptional performance, I mind that those positions have zero accountability.
CEOs get fired if the board loses trust in their abilities.
Was that very difficult to see at the time? Sure, but what are those astronomical comp packages buying? Making very difficult calls correctly is their jobs.
The CEO hires the employees assuming ZIRP continues. ZIRP ends. He fires all the extra employees, and gets to fire employees he doesn't need from other departments too along the way. Shareholders benefit either way, and the expendable ex-employees' well-being, visa status, healthcare, etc. is someone else's problem. Market is bad so the remaining employees can't really complain either.