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Time Warner Cable CEO Glenn Britt Wins 25 Percent Raise, $2 Million Bonus

Phillip Dampier June 28, 2011 Consumer News, Data Caps 1 Comment

Here in western New York, the impact of more than two years of deep recession has delivered record high unemployment, wage freezes and cuts for many still holding onto middle class jobs.  Only now does it appear that the wage deep freeze is slowly coming to an end.

The Rochester Democrat & Chronicle notes total wages earned in the nine-county Rochester/Finger Lakes region for the first nine months of the year were up 2.2 percent over the same period in 2009, according to state Labor Department figures.

But while things are incrementally improving for worker bees, many of America’s corporate “queen bee” executives have maintained compensation packages that would leave one to believe the United States is enjoying double digit growth and a blazing economy.

CEO pay at large U.S. companies has risen from 80 times as much as rank-and-file workers made in 1970 to more than 260 times what they made in 2009.

Stock market gains — the S&P 500 index rose almost 13 percent in 2010 — and improved profitability were key reasons why many executives made more last year than they had in 2009. Of the 86 executives on the Democrat and Chronicle list for both 2009 and 2010, compensation increased for 66.

Take Time Warner Cable CEO Glenn Britt.  He spent much of June talking up raising broadband pricing on his company’s customers, many of whom live in upstate New York.  While Time Warner has faced challenging economic results in their core cable television business, one would never know it from Britt’s newest compensation package, handing him a 25 percent pay raise and another $2 million in his non-stock incentive pay.  That’s a pay package worth almost $10 million dollars.  The D&C notes four other Time Warner Cable executives listed in the company’s proxy statement made from $1.2 million to $3.8 million.

 

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Tim
Tim
13 years ago

The rich get richer and poor get poorer. You think, “Bah, they have every right to make as much money as they can!”, but the reality is that they are hording all of the wealth for themselves. CEO’s made 30 times the pay of the average worker back in 1950’s on average. Now it is more around 1000:1. Sorry I just don’t see how that is fair.

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