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.
Read the rest....
Out for now.....
Matt