Summary of The CEO Pay Machine
From THE CEO PAY MACHINE by Steven Clifford. Summarized by arrangement with Blue Rider Press, an imprint of Penguin Publishing Group, a division of Penguin Random House LLC
Looking for the book?
We have the summary! Get the key insights in just 10 minutes.
The salaries and compensation packages companies pay CEOs have rocketed in recent decades: Even mediocre CEOs commonly receive $100 million paydays. Steven Clifford offers an eloquent evisceration of executive pay, blaming a cabal of compensation consultants and cozy directors. He’s a former CEO who has served on a number of corporate boards, so he’s able to use clear language and even humor to explain the taxability of stock options and the manipulation of performance benchmarks. Clifford is also a painstaking reporter. However, while his suggestions for stopping the CEO pay machine are intriguing, his idea for a luxury tax on executive compensation higher than $6 million is probably a nonstarter under the Trump White House. getAbstract recommends this engaging analysis to analysts, strategists, budget-minded employees and shareholders seeking contrarian insight into executive pay trends.
In this summary, you will learn
- Why CEO pay has grown so dramatically;
- Who rigs the executive compensation system; and
- How compensation consultants, peer groups and media coverage boost pay.
About the Author
Harvard Business School alumnus Steven Clifford served as CEO of King Broadcasting for five years and National Mobile Television for nine years.