Sometimes it pays just to go away. You could ask Jim Skinner about that.
He was CEO of the hamburger behemoth, McDonald’s, pulling down a hefty $8.8 million in pay. Last year, though, Skinner retired, and, rather than getting a gold watch, he was given a load of gold – so large that even a Brink’s armored truck would have been too small to haul it all away. His salary of $753,000 was the least of it. The Big Mac chain also served up $1.7 million to the chief in stock and $3 million in option awards. Then it slathered on another $10.2 million in retirement pay. All that was topped by a super-rich dessert: $11.6 million in “incentive pay.”
What? Why does a guy with millions already on his food tray need any incentive to do his job? Maybe because Skinner found it hard to stomach the biggest part of his job, which was to pay poverty wages to McDonald’s 860,000 workers, shove thousands of them onto food stamps and other programs paid for by taxpayers, and lobby aggressively to prevent any increases in the minimum wage or any tax hikes on über-rich elites like him. (more…)