My hero of the week: Ken Chenault, CEO of American Express (AXP), The chairman and chief executive of American Express received compensation valued at $53.2 million in 2007, nearly double the $27.3 million he received in 2006, according to a regulatory filing Monday. The main driver behind the raise for the executive, Kenneth I. Chenault, was an increase in the stock and options awards. He received $42.8 million in stock awards in 2007 and an incentive stock option grant. For 2006, his stock awards were valued at $16.9 million. Mr. Chenault’s base salary in 2007 increased nearly 13 percent to $1.24 million, and he got $6.5 million in bonuses. Wonder why there are no negative bonuses if the company/stock tanks?? Stock does good, he get the credit. Stock tanks, its the economy, Piggs causing home prices crashes and litany of American Excuses.
He logs a lot of miles on the company’s corporate jet. According to the company’s proxy statement, he also received $405,375 worth of personal travel on the jet, and $132,019 in personal use of a company car.
Now he has to sacrifice people because you selfish bast**rds are not spending money or paying it back. Well, hope he set aside some money for Soprano type analyst to get through pain of layoffs.
