Top Caterpillar Guy Pay
OUCH! I'm sure this stung good ol' Doug.....
At first glance Douglas Oberhelman's steep pay cut looks like a shining example of pay-for-performance compensation practices in action. On closer inspection, it's a glaring example of how public companies insulate CEOs from the consequences of their own mistakes. Yes, the Caterpillar Inc. chief's pay fell 33 percent last year. But he still got $15 million for a year in which the Peoria-based heavy equipment manufacturer performed abysmally because of a blunder by Mr. Oberhelman. He received millions of dollars in incentive bonuses even though he fell far short of his performance targets. And he got a big stock option grant for no clear reason other than the board's apparent desire to make sure his pay remained in the median range for other CEOs of big companies.
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Out for now.....
Matt
