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FBN’s Gerri Willis on Eugene Isenberg stepping down as CEO of Nabors Industries and getting a $100 million severance package, despite remaining as t...
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So -- it comes to executive pay there is a loud and growing chorus of people.
Maintain that all see it CEOs that is just make too much money.
You don't have to go any further than a local Occupy Wall Street protests to hear those complaints.
But look.
I believe that any executive who boost the company's bottom line share price sales should be rewarded.
I think more power to him or her in this country the -- reward -- financial.
And as a shareholder I'm happy to pay for success.
What I don't like to pay for is failure.
We're seeing a lot of that right now.
-- -- Eisenberg he's the outgoing 81 year old CEO of Nabors Industries it's an oil drilling company.
He's been he's been asked to step down from his post so he will remain as chairman.
And because of -- shift in responsibility.
Eisenberg will be paid a 100 million dollar severance package.
Almost by the fact that he's not even leaving the company.
-- keep his job as chairman of neighbors.
How does he get so lucky it all comes down to the language in his contract language which triggers automatic payment when he shifts jobs.
And oh by the way that's not all he may end up getting another thirty million from that contract Reynolds -- that.
Now -- might be just jealous and not angry if you -- for the following facts.
-- stock is down 19% this year.
It's under performed the S&P 500 in one year five year and ten year periods when Eisenberg was running the company.
Facing shareholders are not all that happy.
Look at hello -- must be going bonus of a hundred million dollars is more than the company's entire profit for the third quarter.
But this -- pretty much the way things have worked out for Eisenberg over the years according to the group corporate library.
Eisenberg was the fifth highest paid worst performing CEO in the country.
Back in 09.
Others on that list include Abercrombie and Fitch's Michael Jeffries who took home nearly 72 million dollars in 2009.
After his company's stock sank.
James -- of BJ services saw his company's stock have to 2009.
But he still took home nearly 35 million dollars.
Brian Roberts of Comcast the company lagging behind its competitors to come almost 41 million dollars in 2009.
And the CEO of International Paper as the stock fell 63% his company handed him more than 38 million bucks.
Look I -- burgers not alone with is golden parachute either former CEO of the Disney and home deep -- To come around 200 million dollars each after -- tenure -- -- over.
Here's -- thing those guys actually left the company's.
Eisenberg it's just switching positions he still going to be making millions in salary on top of the severance package.
We mention all the time how things would be better if government was run more like a business I still stand by that statement.
As long as they don't use neighbor industries as their role model.
-- perform.
