And workers still get nothing but crap. From Wal-Mart Watch:
Let me get this straight. In 2006, Wal-Mart tallied its worst same-store sales growth in 27 years. The company’s stock price has remained stagnant for years. And, public opinion has taken a serious turn for the worse.
The company has slashed labor costs by capping the salary if its employees, reduced the number of its employees receiving company health care and implemented a series of additional business practices to cut labor costs.
Given all that, the company’s board rewards Scott with a $22 million bonus? Something is seriously wrong with this picture.
And then from the “real” news…
From The AP:
BENTONVILLE, Ark. — Wal-Mart Stores Inc. has awarded it chief executive officer a stock bonus worth $22 million for reaching revenue targets, the retail giant disclosed Friday in a regulatory filing.
The compensation committee of Wal-Mart’s board voted Wednesday to make the award to Scott and also grant shares to other executives.
Scott’s salary and bonus for 2006 was $5.23 million. His total compensation for that year was, excluding restricted stock awards, was $15.7 million. The $22 million bonus was for Wal-Mart’s 2007 fiscal year.
This really bothers me on so many levels. Here they have all their employees doing all the hard work and they are having hours cut and health care taken away, and they all get nothing at all. The head honcho gets TWENTY TWO MILLION DOLLARS? Not $1 million, not $500,000…but TWENTY TWO MILLION dollars? Meanwhile most of his employees are living on what amounts to minimum wage, working part time, trying to survive, and he has the balls to accept 22 million in bonus?
It’s a sick world sometimes.